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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. [19]
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]
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.
[1] 80% of its population was employed in labor-intensive agriculture, which made up 64% of Romania's exports, while only 2% of its exports consisted of manufactured goods. [1] Its industrial and economic development, as well as its relationship with the industrialised West was typical of what we call now the periphery countries. [1]
In order to be granted the loan, Romania agreed to raise food and gasoline prices and reduce spending (see 1980s austerity policy in Romania) and to provide additional information about its economy to the fund. [6] [7] It also agreed to reduce the pace of industrialization and to increase investment in agriculture. [8]
This is a list of sovereign states in the 1980s, giving an overview of states around the world during the period between 1 January 1980 and 31 December 1989. It contains 188 entries, arranged alphabetically, with information on the status and recognition of their sovereignty .
1980s crimes in Romania (1 C) D. ... 1980s austerity policy in Romania; 1987 in Romania; 1988 in Romania; 1989 in Romania; A. Army of the Socialist Republic of ...