Harvard analysis: Romania’s economy is the 19th most complex and sophisticated in the world and will grow by an average of 2.9% until 2030

Romania’s economy is the 19th most complex and sophisticated in the world and should register an average growth of 2.9% until 2030, cited by Harvard University experts. zf.ro.

This is the best position Romania has occupied since 2000, when the analysis was carried out. Romania’s rise in this ranking is significant, in 2000 our country ranked 39th.

The complex indicator analyzes both the level of development of a country and the goods and services a country produces and exports. The most recent data is for 2020, the first year of the epidemic.

In the 1990s, Romania became internationally known as a producer and exporter of products with minimal added value. In recent years, the automotive, electronics and IT industries have grown and the economy has become more complex.

According to The Atlas of Complexity, the world’s most sophisticated economies are Japan (1st), Switzerland (2nd), Germany (3rd), South Korea (4th) and Singapore (5th). Countries in the region also perform well, with the Czech Republic sixth and Hungary ninth. On the other hand, Poland, the most developed economy in the region, ranked 26th, another proof that GDP size is not the only thing that matters. In total, more than 130 countries from around the world are analyzed.

“Romania is an upper-middle-income country, the 44th richest economy in terms of GDP/capita. Over the past five years, GDP/capita has grown by an average of 3.9%, which is higher than the regional average,” the analysis says.

Harvard economists estimate that the growth rate of the Romanian economy will reach an average of 2.9%/year until 2030. Also, GDP/capita will increase by 3.5%.

“Growth will be achieved by using current successes and knowing how to improve the production of more complex products. Currently, according to the Economic Complexity Index (ECI), Romania is the 19th most complex economy. Compared to a decade ago, the economy has become more sophisticated” One of the results of the study.