What Britain forgets_ Romania is booming _ The Economist

Yet the c ountry is wealthier m ore dynam ic and m

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Unformatted text preview: d in the tabloids . Yet the c ountry is wealthier, m ore dynam ic and m ore s ophis tic ated than s uc h s tories s ugges t. Unem ploym ent there is relatively low (and lower than in Britain). Its budget defic it puts Britain to s ham e. The governm ent is in the m ids t of liberalis ing the ec onom y, opening up new s ec tors (m os t notably, energy and telec om s ) to c om petition and inves tm ent. Ec onom ic growth is at 4.1%. W ages are ris ing fas t. Adjus ting for pric es , Buc hares t’s GDP per c apita is above the EU average. Indeed, the average Buc hares t Explore trending topics C o mme n ts a n d tw e e ts o n p o p u la r to p ics Re a de rs' com m e nts res ident is c om fortably better off than the average res ident of Manc hes ter. This forgotten s tory is an im portant antidote to Britain's panic . Firs t, it s hows the pres s is overs tating the “pus h fac tors ” enc ouraging Rom anians to leave for Britain. Sec ond, and m os t im portantly, it s hows that the benefits of Rom ania's EU m em bers hip are m utual: Britis h individuals and c om panies c an benefit from travelling in an oppos ite direc tion to the "wave" of m igrants expec ted on January 1s t. A feature in Ziarul Financ iar (a res pec ted Buc hares t bus ines s daily) today m akes that point well. This argues that although “Britons do not want Rom anians ,” they are keen on Rom anian c ons um ers . Between 2010 and 2013 Britis h firm s did an average €6.3 billion of bus ines s annually there, double the level of 2007, when it joined the EU. Sinc e its ac c es s ion, Rom ania—c ons idered one of Europe’s few “tiger” ec onom ies —has been worth s om e €27-30 billion in turnover and €3.7 billion in profit to c om panies bas ed in Britain. Full v er s ion Change time s pan Several have even rec eived m ulti-m illion-euro s ubs idies from the Rom anian s tate (worth rem em bering when politic ians bang on about Rom anians c os ting Britis h taxpayers m oney). And the true benefit m ay be even greater, as thes e num bers ignore Britis h c om panies ac tive in Rom ania but lis ted els ewhere—like Vodafone, whic h (for th...
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This document was uploaded on 01/25/2014.

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