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March 2009 : General agreement between Romania and IMF : Romania will become (as a safeguard in case of difficulties) cheap loans of above € 20 Bn, mainly from the IMF, but also from UE, World Bank and EBRD. The condition is a lower public deficit, on which government has been working for several month already, and to decrease the public sector salaries share on gross domestic product. No request for tax increase, and investments in infrastructure are advised.
Most of lent money will be kept by central bank, to ensure swift repayment for private sector short term loans in foreign currencies reaching deadlines, which will allow lower interest rates and a much lower risk of currency exit from Romania.
The IMF also took an agreement with foreign banks holding subsidiaries in Romania so that newly injected money will stay in local economy and will fully boost local growth.
November 2008 : Growth figures for third trimester ; on the last 12 month, Romanian GDP grew by 9,1 % (9,3 at the end of second trimester). This is the first effect of international crisis. Even if since year 2000 Romania experienced a very strong growth ( clearly above 5 % in average) the last achievements are really outstanding, the best since Romanian revolution in 1989 !
Year 2007 : Still a strong growth, 6 % for the GDP, unemployment decreased at a mere 4,1 % and inflation, boosted by the international context, peaked to 6,6 %. Investments rose by 29 % in one year !
May 2007 : No more visa for UE citizen wishing to work in Romania... even if in some cases Romanian citizen working in UE still need visa...
January, 1st 2007 : Romania, together with Bulgaria, becomes full member of the UE.
October 2006 : The international rating agency Moody's improves Romania's risk grade, considering its solvency makes it attractive for most investors. It is the fourth rating agency to reevaluate significantly his evaluation about Romania in in short time.
September 2006 : According to the Romanian Statistics National Agency, the unemployment rate went below the symbolic 5 % hurdle, which illustrates the Romanian economy dynamism.
January 2006 : The American group Emerson confirms he wants to settle in Cluj Napoca with a subsidiary to build a new production facility on a 11,5 ha area. Will be built a research center employing 400 people, and 4 production units, one for gas regulators, one for electric engines, one of construction tools, and one of gas turbines for electric engines.
Emerson targets a 1500 people total staff, the production shall begin in spring 2007.
2006 : Romania ranks first in Europe and 6th in the world for the rate of population that graduated in IT specialty, proportionally above Russia and USA. The total number of IT specialists is 64 000 et about 5000 of 30 000 yearly graduated engineers are Information Technology specialists.
September 2005 : The rating agency Standard & Poors (SP) increases of one step his evaluation about Romania to BBB-, which means the country enters a moderate investment grade category, leaving the "speculative" area. The reason is the improvement of economic situation, ensured by a strong growth fueled by internal growth. S&P is the second rating agency granting a small risk grade, after Fitch in November of last year.
April 2005 : Romania and Bulgaria officially sign the treaty to enter the UE either in 1. January 2007, or in the worst case, if reforms appear to be too slow, in 1. January 2008.
May 2004 : Romania officially enters within NATO.
February 2004 : from 22 February, Romanian Citizen entering Switzerland for a short period don't need visa any more.
January 2004 : European Union citizens traveling to Romania for a short period (up to 3 months) don't need passport anymore, a simple ID is enough !
March 2003 : The US officially granted Romania with the status of functional market economy. This might boost American trade and investment in the country. In this period, for the first time the private sector passed the public one 's share in the economy.
November 2002 at Prague's summit, Romania was officially invited to join the NATO.
January 2002 : Romanian citizens don't need visa any more when traveling for short periods to Shengen Area.
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