## Romania: 2022 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Romania

_IMF Staff Country Reports, September 26, 2022_

## Source details

**Canonical URL:** [Romania: 2022 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Romania](https://www.imf.org/en/publications/cr/issues/2022/09/22/romania-2022-article-iv-consultation-press-release-staff-report-and-statement-by-the-523729)

## Other formats

- [Markdown version](/en/publications/cr/issues/2022/09/22/romania-2022-article-iv-consultation-press-release-staff-report-and-statement-by-the-523729/index.md)
- [Structured JSON version](/en/publications/cr/issues/2022/09/22/romania-2022-article-iv-consultation-press-release-staff-report-and-statement-by-the-523729/index.json)
- [Bundle manifest](/en/publications/cr/issues/2022/09/22/romania-2022-article-iv-consultation-press-release-staff-report-and-statement-by-the-523729/bundle-manifest.json)

## Bibliographic details
- Published: September 26, 2022
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400220180.002

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### Overview and key findings
- After a solid recovery from the pandemic, Romania is now, like other EU countries, facing strong headwinds related to the war in Ukraine.
- Output reached pre-crisis levels in H1 2021 and growth in Q1 2022 was strong.
- Inflation has risen rapidly.
- The external and fiscal positions are weak.
- The authorities are implementing a support package of energy price caps and subsidies for vulnerable groups.

### Macro-fiscal and external assessment
- Growth:
  - Output reached pre-crisis levels in H1 2021.
  - Growth in Q1 2022 was strong.
- Inflation:
  - Inflation has risen rapidly.
- External and fiscal positions:
  - External position: weak.
  - Fiscal position: weak.
- Policy measures:
  - Authorities implementing energy price caps and subsidies for vulnerable groups (cap scheme).

### Policy implications and recommendations (implied by assessment)
- Address rapid inflation pressures through appropriate macroeconomic policy measures.
- Strengthen external and fiscal positions to withstand spillovers from the war in Ukraine.
- Calibrate support measures (energy price caps and subsidies) to protect vulnerable groups while limiting adverse fiscal and external effects.

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## Content in this bundle

- **War in Ukraine—Spillovers to Romania**
  - [War in Ukraine—Spillovers to Romania (Markdown version)](/-/media/files/publications/cr/2022/english/1rouea2022003.pdf.md){rel="alternate" type="text/markdown"}
  - [War in Ukraine—Spillovers to Romania (PDF)](/-/media/files/publications/cr/2022/english/1rouea2022003.pdf){rel="external" type="application/pdf"}

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_Source: https://www.imf.org/en/publications/cr/issues/2022/09/22/romania-2022-article-iv-consultation-press-release-staff-report-and-statement-by-the-523729_