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The Impact Of Global Crisis On Romania’S Economic Development


  • Zaman Gheorghe

    (Institute of National Economy of the Romanian Academy)

  • Georgescu George

    (Institute of National Economy of the Romanian Academy)


The world is passing through the most difficult economic and financial crisis inthe history, which severely affects its stability in the long term, risking an uncontrolled slideinto chaos and uncertainty. The housing market crisis emerged in the United States in July2007, due to multiple interferences generated by the globalization, has spread to otherregions, triggering the world economy into recession. The study is trying to present the maincauses and characteristics of the crisis, with special attention to its impact on Romania, whichhas witnessed a severe economic downturn in the first half of 2009, registering a sharpdecline in industrial production, construction sector, exports and also in the lending activity.To deal with high budget deficit and liquidity pressures in the short term a financingagreement with international organizations has been concluded. But, in the long term, theexternal debt burden is increasing, the sustainable development of Romania facing new risksarising from both the global crisis and the internal vulnerabilities.

Suggested Citation

  • Zaman Gheorghe & Georgescu George, 2009. "The Impact Of Global Crisis On Romania’S Economic Development," Annales Universitatis Apulensis Series Oeconomica, Faculty of Sciences, "1 Decembrie 1918" University, Alba Iulia, vol. 2(11), pages 1-1.
  • Handle: RePEc:alu:journl:v:2:y:2009:i:11:p:1

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    Cited by:

    1. Cristina BARBU & Mihail NEGULESCU, 2011. "Does The Economic Crisis Affect Oltenia’Senvironment (Ii)?," Journal of Applied Economic Sciences, Spiru Haret University, Faculty of Financial Management and Accounting Craiova, vol. 6(3(17)/ Fa), pages 205-211.
    2. Zaman, Gheorghe & Georgescu, George, 2015. "Resilience to crisis and GDP recovery at county level in Romania," MPRA Paper 63246, University Library of Munich, Germany.
    3. Zaman Gheorghe & Goschin Zizi, 2014. "A New Classification Of Romanian Counties Based On A Composite Index Of Economic Development," Annals of Faculty of Economics, University of Oradea, Faculty of Economics, vol. 1(1), pages 217-230, July.
    4. Ivona STOICA, 2015. "The regional consumption credit. Trends, structures and territorial relevance," Romanian Journal of Economics, Institute of National Economy, vol. 41(2(50)), pages 282-296, december.
    5. Iancu, Aurel, 2014. "Financial Instability, Cycles and the Role of Institutions," Working Papers of National Institute of Economic Research 141007, National Institute of Economic Research.
    6. Oțil Maria Daniela & Miculescu Andra & Cismaș Laura Mariana, 2015. "Disparities in Regional Economic Development in Romania," Scientific Annals of Economics and Business, De Gruyter Open, vol. 62(s1), pages 37-51, October.

    More about this item


    international financial crisis; global recession; causes and effects of the crisis; anti-crisisremedies; external debt; sustainable development.;

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • F01 - International Economics - - General - - - Global Outlook
    • G01 - Financial Economics - - General - - - Financial Crises
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets


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