Romania
You would expect this Eastern European country to be a low ranked player in the game of economics of the European Union but the country has not gained its nickname of “Tiger” for nothing. With a GDP increase rate of 6%, Romania in expected to increase its GDP by 2011 and even to surpass Italy in GDP per capita by 2020.
After decades of communism have destroyed Romania’s chances of growing, the democratic system opened a lot of doors for small businesses and entrepreneurs. However, the main reason for Romania’s fast development is its integration in the European Union with which it does most of its trading. On the other side, the recession affecting most European countries has slowed down the dynamic rhythm of growth as loans for start-ups are harder to obtain.
However, Romania has been trying to expand by trading with countries outside of European Union and tried to make collaborations with Asia and the US. Mandatory foreign language curriculum in school makes it easy to establish foreign contacts and bring Romania on the global market rather than be stuck in the European one.
Franconomic Data
GDP: $264.0 billion (IMF 2008 est.)
GDP Growth rate: 8.6% (IMF, 2008 est.)
Population: July 2008 estimate 22,246,862 (50th)
GDP Per Capita: $12,285 (IMF 2008 est.)
Democratic Republic of Congo
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