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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]
Starting with the mid-1960s, a counterculture developed in Romania among the Romanian youth and students. While this culture shared the aesthetics of the Western Counterculture of the 1960s (for instance hippie fashion or rock and roll) and its anti-authoritarianism, from an ideological point of view, it wasn't integrated in the worldwide countercultural movement. [1]
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 ...
Despite having mineral resources and a state interventionist policy, Romania was not able to change the agricultural character of its economy into an industrial one. [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]
Romania's debt was completely paid off during the 1980s by implementing severe austerity measures which deprived Romanians of basic consumer goods. In 1989, before the Romanian Revolution, Romania had a GDP of about 800 billion lei, or $53.6 billion. [51]
Pages in category "1980s in Romania" ... 0–9. 1980s austerity policy in Romania; 1987 in Romania; 1988 in Romania; 1989 in Romania; A. Army of the Socialist ...