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The economic austerity, along with political repression, were the main reasons behind the protests and revolution of 1989. [31] His politics isolated him not only from the people, but also from the party (as seen by the Letter of the Six in March 1989) and the military.
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 .
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. [9] Data for 1975, 1980 and 1982-1988 taken from the Statistical Abstract of the United States. [10] Data for 1989-1995 provided by the OECD. [11]
The economy of Romania is a developing high-income mixed economy, with a high degree of complexity. [36] It ranks 12th in the European Union by total nominal GDP [ 37 ] and 7th largest when adjusted by purchasing power (PPP) . [ 38 ]
The social and economic transformations resulted in improved living conditions for Romanians. Economic growth allowed for higher salaries which, combined with the benefits offered by the state (free medical care, pensions, free universal education at all levels, etc.) were a leap compared to the pre-WWII situation of the Romanian population.
Romania is the country with the highest poverty levels in the European Union. [7] More than 30% of the population lives on less than $5 per day. In a report conducted by the Presidential Commission for the Analysis of Social and Demographic Risks is specified that there are visible discrepancies between social strata, privileged groups benefiting of higher wages and pensions in comparison with ...
Exceptions were at the beginning of the 1980s austerity policy in Romania, when prices were risen in order to reduce consumption and allow the government to pay back the foreign debt. Following the onset of liberal economic reforms in November 1990, as prices and exchange rates were gradually liberalized, inflation began to rise. [3]
The opposition seized on public anger over austerity measures to oust prime minister Mihai Răzvan Ungureanu. The centre-right coalition had cut salaries and raised sales tax to try to put the economy on a more sound footing. Romanian President Traian Băsescu designated left-wing opposition leader Victor Ponta as new prime minister. [68] [69] [70]