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1995 was the last year in which Romania's economy was dominated by the state. From 1996 onwards, the private sector would account for most of Romania's GDP. [13] Data for 1975, 1980 and 1982-1988 taken from the Statistical Abstract of the United States. [14] Data for 1989-1995 provided by the OECD. [15]
Thus, Romania jumped from not even being in the top 10 countries with the smallest public debt (as percentage of GDP) in 1989 to being the world leader in 1990. Romania remained the country with the smallest public debt in 1991, falling to the 6th place in 1992 and 1993 and finally to the 9th place in 1994.
Before austerity, Romania had made considerable progress in many areas. Between 1950 and 1973, Romania joined Yugoslavia and Bulgaria in achieving average annual growth rates that were above both the Central European and the West European average. During the first 3 post-war decades, Romania industrialized faster than Spain, Greece, and Portugal.
Social and economic malaise had been present in the Socialist Republic of Romania for quite some time, especially during the austerity years of the 1980s. The austerity measures were designed in part by Ceaușescu to repay the country's foreign debts, but resulted in widespread shortages that fomented unrest. [11]
The economy grew between the 1950s and 1970s at one of the fastest rates in the world, changing Romania from a predominantly agricultural country into an industrialized country. Almost 30% of the population moved during this period from rural to urban areas to work in the newly built factories.
Its consequences were most felt with the collapse of the regime's social safety net during the 1980's Romanian austerity period, which led to widespread institutional neglect of the needs of orphans, with severe consequences in their health, including high rates of HIV infection in children, and well-being. A series of international and ...
Soviet occupation of Romania; Paris Peace Treaties, 1947; Romania lost again Bessarabia and Northern Bukovina, to USSR, back to the border of 1940; Second Vienna Award was annulled (Romania re-gained control of Northern Transylvania, lost to Hungary in 1940) Bulgaria kept control of Southern Dobruja, as of 1940; Communist regime installed in ...
After World War II, Romania's social structure was drastically altered by the imposition of a political system envisioning a classless, egalitarian society. Marxist-Leninist doctrine holds that the establishment of a socialist state (in which the working class possesses the means of production and distribution of goods and political power) will ensure the eventual development of communism.