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The harder the work, the sweeter the reward

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After years of populist economic policies and legislative changes seen as a threat to the rule of law and independence of the justice system, a largely critical European Commission country report came as no surprise. 'In the absence of lasting reform efforts, growing fiscal and current account deficits are putting the sustainability of Romania's economic growth at risk,' the Commission pointed out in its 2020 European Semester country report, assessing progress on structural reforms and correction of macroeconomic imbalances.
The report also showed that the consumption-led growth model had pushed the country's current account and public finances into "rising deficits." "Without a correction of the fiscal and external deficits and a firm commitment to implement structural reforms, Romania's convergence towards EU living standards is likely to suffer important set-backs." 
Moreover, the report noted that "Romania has made limited progress in addressing the 2019 country-specific recommendations," and "corruption continues to be a major problem for the business environment." "While the government currently supports actions to prevent and sanction corruption, Romania is facing important challenges to restore progress in the fight against corruption following damages done in the past years through legislative amendments and continued pressure on judicial institutions."
The Commission also indicated that "growth is expected to ease off progressively over the medium term." It said: "Real GDP growth is set to decelerate to 3.8% in 2020 and to 3.5% in 2021, with consumer spending as the main driver of growth. Net exports are forecast to remain a drag on growth, but slightly less so than in 2019. Lastly, the contribution of investment is expected to stay positive, albeit at lower levels, over the coming years, supported by construction and an acceleration in the absorption of EU funds."
Meanwhile, business leaders, investors, and entrepreneurs are growing increasingly concerned about the effect the Covid-19 outbreak will have on the world economy and businesses. And on top of everything, Romania's political uncertainty seems far from over.
However, we at Business Arena are fully confident that Romania has many resourceful businesses and business people, and with hard work, dedication, and inspiration their success stories can be even greater in 2020, in spite of the difficult market conditions.
On this note, based on reader request, we are proud to announce the addition of a fourth major gala event to our events calendar. With a strong tradition in recognizing business success and achievements, Business Arena is launching The Brand Excellence Hall of Fame Awards, a new project designed to expand the scope of our annual award ceremonies. Moreover, The Book of Excellence will be launched later this year, putting under the spotlight all Business Arena award winners.
And, as always, Business Arena will continue to keep an eye on all the issues affecting the business community, reflecting its views, hopes and challenges.

This is also available in our print edition of Business Arena.

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