„România a avut rareori o fereastră în care un șoc să se estompeze înainte de apariția următorului”. Avertisment de la vârful unei mari bănci

Romania's economy is cooling, yet inflation remains stubbornly high, complicating the path to price stability. Despite a stagnating economy and tightening fiscal policy, core inflation is still elevated compared to other European countries. The disconnect between a cooling economy and persistent inflation is a central theme, exacerbated by overlapping shocks such as the pandemic and energy crises. Inflation in services has risen significantly, reflecting local cost pressures. Wage growth has slowed, leading to real wage contraction, while structural issues like emigration and demographic aging persist. The fiscal deficit has widened due to rapid public sector wage increases, contributing to external imbalances and inflationary pressures.