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International Monetary Fund

growth were among the highest in the region, reflecting the fruits of private investments in export-oriented consumer goods industries over the last few years, and the gains in competitiveness from the 1999 adjustment in the real effective exchange rate. Rising productivity, complemented by moderate economy-wide wage growth, has preserved competitiveness despite the slowing rate of depreciation and allowed Romania to expand its share in its main export markets. The far-reaching reform of the VAT and profit tax legislation in 2002, which eliminated many distortionary

International Monetary Fund
This 2002 Article IV Consultation highlights that since mid-2001, a combination of budget restraint, ambitious energy price adjustments, and prudent monetary policy moderated domestic demand and reduced the current account deficit in Romania. At the same time, export and GDP growth were among the highest in the region, reflecting the fruits of private investments in export-oriented consumer goods industries over the last few years, and the gains in competitiveness from the 1999 adjustment in the real effective exchange rate. Rising productivity, complemented by moderate economy-wide wage growth, has preserved competitiveness.
International Monetary Fund

early 2001, the authorities implemented a program of budget restraint, energy price adjustments and attempted to firm up wage controls. This dampened domestic demand and reduced the current account deficit. On the other hand, export and GDP growth were among the highest in the region, reflecting the fruits of private investments in export-oriented consumer goods industries over the last few years and the gains in competitiveness from the 1999 depreciation ( Figure 3 ). Moreover, investment picked up, supported by expansion in credit to the private sector. The decline

Jose A. Datas-Panero

and employment, accompanied by a significant decline in the share of imports in total demand for manufactures. The second stage, or substitution of home-produced for imported capital goods and intermediate products, is characterized by slow industrial growth, a sharp decline in employment opportunities, and little further reduction, or even an increase, in the import component of total demand for manufactures. Imports of capital goods and, to a lesser extent, intermediate products, tend to remain high while the consumer goods industries move on slowly because of