Romania: An Overview of its Economy and EU Membership (2014)

Yesterday I took a brief overview of Moldova, and today I'm eager to dive into the neighboring country of Romania.

Romania is a full-fledged member of the European Union since 2007, together with Bulgaria, and is considered one of the poorest countries in the EU in terms of wealth.

With a population of 21.33 million people and a GDP of 169.4 billion USD in 2012, Romania's GDP per capita is 7.942 thousands USD. Although Romania is four times richer than its neighbor Moldova, it is still five times poorer than Germany.

Since becoming a member of the EU in 2007, Romania's GDP has remained unchanged, reaching its peak of 204 billion USD in 2008. While some may not be happy with Romania's decision to join the EU, it is uncertain whether the country would have fared better without it.

According to IMF predictions, Romania's GDP is expected to rise to 288.662 billion USD by 2019, a third more than it is today. Additionally, the expected GDP per capita for 2019 is $13.53, which is about half of the country's current GDP.

It has been 24 years since the fall of the Soviet Union, yet the gap between the rich and poor in Europe continues to widen. The process of developing the former Iron Curtain countries is a long and slow one, but hopefully, Romania will see continued growth in the years to come.

In conclusion, Romania has a lot of potential for growth and development, but the country must overcome several challenges before reaching its full potential.