Living Standard Of Romanians On Welfare Won’t Return To ‘08 Level Before 2015 – Ctrl Bker

04.07.2011 By Ioana Tudor

The standard of living in Romania will grow differently after the country steps out of recession, with first signs of improvement to be seen in the production and export sectors starting this year, central bank governor Mugur Isarescu said Wednesday.

The standard of living in Romania will grow differently after the country steps out of recession, with first signs of improvement to be seen in the production and export sectors starting this year, central bank governor Mugur Isarescu said Wednesday.

According to Isarescu, the living standard of public sector employees and people on welfare will not return to the level in 2008, when the country drifted into recession, before 2015.

He said the improvement of pensioners' living standard depends not only on the country's economic growth, but also on improving the ratio of contributors to beneficiaries.

Romania's major problem is the imbalance between the number of contributors and the number of pensioners and people on welfare, said Isarescu.

According to the central bank governor, another problem the country is faced with is the inefficiency of public transport, energy, healthcare and educational infrastructure.

Romania's economy grew by 7.3% in 2008 and dropped 7.1% in 2009, according to the country's statistics institute. Last year, Romania's gross domestic product fell 1.3%.