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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 out 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 ...
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]
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]
Romania joined the United Nations on 14 December 1955 (see United Nations Security Council Resolution 109) as well as the International Monetary Fund and the World Bank in 1972. In July 1980, Romania signed a comprehensive trade agreement with the European Economic Community; which in turn became the European Union in 1993 when Romania joined ...
It was five days after the implementation of a decree on reducing the heating on private dwellings (part of the 1980s austerity policy in Romania) and after a second month with wage cuts due to failure to meet production targets (which couldn't be done due to lack of commercial orders), corroborated with food shortages. [20]
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 .
Europe's deteriorating economic situation continues to dominate the financial headlines. Fortunately, much of the news this month has been positive. Greece managed to default in an orderly manner ...
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]