For weeks now, the Romanian officials have been hinting that the Q3 growth numbers for Romania will be outstanding. This is what they say in a very confident and loud voice. When asked about the main drivers for these results the voice gets softer and the impeccable diction turns into mumbling. Last night on the state TV station, President Basescu provided more insight into those numbers. Apparently the quarterly growth will be something out of this world. Also, it was good to hear that besides agriculture the other drivers were construction and tourism. And of course the other main driver for growth was the good wisdom of the Romanian government. Harder to quantify but nonetheless mentioned by the President.
For this great day in Romanian economic history I say you do the following things.
First, wait for the official numbers. If they are as good as the President predicted, enjoy them. At least for half the day. While enjoying the number you can try and answer to the questions: How did the President predict the GDP so well and what’s the point in waiting for the official numbers?
Second, after you calm down take few moments and identify those economic policies that spurred growth in the last three years in Romania. Please be so kind and let me know what you found.
Third, by now you should be late in your day and running low on energy. Perfect time to allow doubt to enter your mind. Ask this very simple question: where have I seen this before? As it is late in the day and you most probably lack the energy to find the answer to this question alone, I will help you out. Look at the graph below. In 2008 Q3 numbers were outstanding. And then see what followed. Bear in mind that at that the world and Romania were coming after few years of close to potential economic growth.
Fourth, this is your homework. What are the chances that what followed after Q3 2008 will happen again?
November 15th, 2011 at 9:11 am
Already happens…
November 15th, 2011 at 1:29 pm
What Cristian? the party has already begun or the numbers have already been released?
November 15th, 2011 at 9:43 am
Shame on you, Dinu Patriciu!
November 15th, 2011 at 1:30 pm
I do not see the tears Dan.
November 15th, 2011 at 2:15 pm
The next fall. I don’t know about any of you guys, but I and the stakeholders already have payment problems. If you know different, then I’m just a shame and I will shut the f…-up
November 15th, 2011 at 6:23 pm
Radu Soviani just used my arguments presented here in this post today in his TV show.
He did not credit me but good to see that his guests say that the President was wrong to “share” the GDP numbers before the NIS.
I have asked this question before in this blog without an answer. Maybe Radu has more luck.
November 15th, 2011 at 6:55 pm
I agree with this. That he was wrong to share it before INS. They are from the banana tree, they don’t know how to communicate with the public. All the political parties and politicians. This is also true for the NBR.