Bulgaria and Romania will benefit from EU accession
- Upward economic trend will continue in both countries
- UniCredit Group welcomes new EU members
Favoured by EU accession on 1 January 2007, Bulgaria and Romania will achieve stronger economic growth in the coming year. Both countries have been undergoing a far-reaching transformation process aimed at making significant progress which resulted in a success story for both countries. "
Bulgaria has one of the fastest growing economies in Central and Eastern Europe (CEE). While real growth of GDP averaged
Romania will similarly continue the present upward trend: The strong economic momentum of previous years has continued in 2006, with real GDP growth expected to exceed
Dynamic banking sector
Bulgaria has one of the most dynamic banking sectors in the CEE region, efficiently channelling funds to the rapidly expanding economy. In Romania, reforms in the banking sector, the centrepiece of a market economy, have also favoured significant progress through the consolidation and privatisation of state-owned banks. "Due to the liberalisation of the banking sector in Bulgaria and Romania, both countries have a dynamic financial services sector supporting foreign investment and the strongly growing economy. The adoption of EU standards in both countries provides a high level of legal certainty and extensive investment security," says
Prospects for Bulgaria are favourable, as investments in new technology and equipment gradually translate into improved competitiveness and export capacity.
The economic outlook is encouraging, adoption of the common external tariff upon EU entry in 2007 is likely to have a significant impact on foreign trade.
In Romania, the increasing inflow of foreign direct investment as well as EU subsidies will ensure sustainable development. In this regard, EU membership and financial assistance provided by the EU (some
For further information go to ceeeconomicresearch.ba-ca.com.
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