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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 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.
Near the end of 2013, The Economist reported Romania again enjoying "booming" economic growth at 4.1% that year, with wages rising fast and a lower unemployment than in Britain. Economic growth accelerated in the midst of government liberalisation in opening up new sectors to competition and investment—most notably, energy and telecoms. [202]
Apart from arguments over whether or not austerity, rather than increased or frozen spending, is a macroeconomic solution, [359] union leaders have also argued that the working population is being unjustly held responsible for the economic mismanagement errors of economists, investors, and bankers. Over 23 million EU workers have become ...
There has been substantial criticism over the austerity measures implemented by most European nations to counter this debt crisis. US economist and Nobel laureate Paul Krugman argues that an abrupt return to "'non-Keynesian' financial policies" is not a viable solution [18] Pointing at historical evidence, he predicts that deflationary policies now being imposed on countries such as Greece and ...
Romania's economy ranks 35th in the world by its total GDP , with a Int$784 billion annual output (2023 est.). [5] The country is a leading destination in Central and Eastern Europe for foreign direct investment: the cumulative FDI since 1989 totals more than $170 billion. [43] Romania is the largest electronics producer in the region. [44]