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In the 1980s, severe austerity measures were imposed in the Socialist Republic of Romania by President Nicolae Ceaușescu in order to pay off the external debt incurred by the state in the 1970s. Beginning in 1981, the austerity led to economic stagnation that continued all throughout the 1980s, a " sui generis shock therapy " which lowered the ...
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]
However, during the 1950s, Romania's communist government began to assert more independence, leading to, for example, the withdrawal of all Soviet troops from Romania by 1958. [9] Overall, from the 1950s to the 1970s, the country exhibited high rates of economic growth and significant improvements in infant mortality, life expectancy, literacy ...
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]
The economy of the Socialist Republic of Romania was centrally planned, similar to the one of the Soviet Union. Most of the means of production (including all large and medium enterprises) were owned by the state , which established production plans as part of the Five-Year Plans .
Ceaușescu with Jimmy Carter during a visit in Washington, D.C. in 1978. Also, the Socialist Republic of Romania was the first of the Eastern bloc nations to have official relations with the Western bloc and the European Community: an agreement including Romania in the Community's Generalised System of Preferences was signed in 1974 and an ...
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 ...
1978 establishments in Romania (7 P) S. 1978 in Romanian sport (4 C) This page was last edited on 14 June 2023, at 22:50 (UTC). Text is available under the Creative ...