Europe's Poor Man Romania Experiencing Economic Boom
October 15 , 2017
Romania has long been seen as a country of migrants who flock abroad to find work. However, the scenario is changing rapidly as the Romanian economy is witnessing a boom, thanks to expansion in service sector (mainly IT outsourcing), manufacturing, and exports. Economy of Romania grew at the rate of 5.7 per cent y-o-y in 2017’s second quarter and is expected (as per IMF) to grow at a rate of 5.5 per cent in 2017. Reports say that technology sector (with the help of one of the fastest broadband internet speeds in the world) is expected to double its GDP share to 12 per cent by the year 2025.