Estimation of economic growth potential in Romania in medium and long term

Abstract

Economic growth, as an economic process on long term, is influenced by economic, social and politic factors. The objective of this paper is to create a new perspective over the economic growth in Romania from the last twenty years. For this, the determinants of economic growth are analyzed, by emphasizing the existing correlations between the macroeconomic variables which determined the Romanian economic growth in the last twenty years. To substantiate the conclusions, there were used data from Eurostat databases, about the evolution of European Union in its whole, and for Romanian economy, especially, for the period 1995-2014. The evolution of some macroeconomic indicators is studied, as: the value added, income of different categories of workers, production costs of different types of activities. The study emphasizes the changing of economic activity structure in Romania, which favored the economic growth. Also with the structure changing, is shown the impact of technical progress over the economic growth rate. The study can be considered as an applicative scientific paper in the field of research of causes and conditions which determine the economic growth.