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Get to Know About Romania
Romania is a nation situated at the crossways of Central, Eastern, and Southeastern Europe. The Black Sea borders it to the southeast, Bulgaria to the south, Ukraine to the north, Hungary to the west, Serbia to the southwest, and Moldavia to the east. Its capital is at Bucharest.
Romania has a Latin-oriented ethnicity, and most Romanians speak Eastern Romance language with elements of German, Greek, English, Slavic, French, and Hungarian. The population is estimated to be around 19.5 million inhabitants.
In the last decade, since joining the EU, Romania’s per capita national output is at double-digit with records of low unemployment levels in the last four years. However, the income inequalities remain on its high among the bloc’s highest. A third of the population lives in poverty as millions lack sufficient access to healthcare and basic amenities. The level of investor confidence is slowly being eroded, and investor’s interest in doing business in Romania is fading away due to persistent legislative instability, erratic decision-making, low institutional quality, and institutional corruption. The current account deficits are the key pointers of Romanian economy weaknesses, and it’s rising heightened by tax and wage cuts alongside pension hikes inflating the consumption rates. Doing business in Romania is bound to improve over time if the government promotes their financial markets, privatize certain firms like power utility, and broadening the market. Again, poor road infrastructure is part of the impediments of economic development in Romania, which needs redress.