50 000 Romanians Sacked in Two Months over Financial Crisis Effects

Business | November 24, 2008, Monday // 00:00

The consequences of the global financial crisis have led to the sacking of 50 000 Romanians in October and November so far, the Romanian newspaper Ziua reported Monday as quoted by the Pari Daily.

Over 150 000 Romanians in total have been made redundant in the recent months, according to the article.

The President of the National Council of Small and Medium Sized Private Enterprises in Romania Ovidiu Nicolescu is quoted as saying that the economy was in stagnation, the investments had been blockaded, and the orders from abroad had declined substantially.

The Ziua newspaper points out that Romania's economic growth in 2009 would most likely be 4%, which twice lower than the previously expected 8%. The prognosis is based on the opinion of 11 leading economists.

Romania's construction, manufacturing, and agriculture are expected to bear the brunt of the effects of the financial crisis.

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Tags: Global Financial Crisis

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