The current Romanian economy is heavily based upon services and is followed by industry and agriculture. However, Romanian economy is increasingly based on Agriculture and GDP grew rapidly in 2008 for the same reason. About 30% of Romanian populace is employed in the agricultural sector.
Current day economic scenario for Romania
Romania is now recognized as one of the fastest growing economies in Europe. Current economic growth is recorded to be around 6% and imports & exports are on the rise (BBC MMIX, 2006). Unemployment dropping rates have come to 2% and foreign investment is coming in as more companies establish production facilities in the country. However, widespread poverty still remains an issue to deal with despite these economically strong times. There are elements and signs of corruption in the Bureaucratic Infrastructure of the country that have been observed to deter economical activity that may have otherwise contributed favorably to the economy.
Critics have often opinionated that Romanian authorities have chosen to quote unrealistically low unemployment rates in order to deter the discourage the emigration of Romanian citizens in the search for employment opportunities. Since 1989 alone, statistics have shown that around a million of Romanians have gone abroad in search of employment opportunities (BBC MMIX, 2006). Speculators are also of the opinion that the agricultural sector of the country, unless not given sincere attention, may buckle and collapse due to slow and steady weakness. US library of Congress showed proof of this speculation in the fact that while agriculture based employment was 10% of the country’s employment count, it accounted for only around 10% of the GDP.