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Improved business climate, personal freedom keep Romania in top 50 in Legatum Prosperity Index

Improved business climate, personal freedom keep Romania in top 50 in Legatum Prosperity Index Romania's economic growth. Author (SeeNews). License: all rights reserved.

BUCHAREST (Romania), November 8 (SeeNews)  - An improved business environment, more personal freedom and efforts to improve governance have helped Romania keep its 50th position in the 2016 Legatum Prosperity Index issued in November.

"Since joining the EU in 2007, Romania has seen a gradual improvement in its delivery of prosperity, outperforming Bulgaria, who joined the EU in the same year," the Legatum Institute said in a summary of its annual global ranking which includes 149 countries.

Romania's rapid economic growth, increased foreign investment, and further market liberalisation have led to a more flexible and dynamic business environment, while increased openness and tolerance have left Romanians feeling more free to live their lives as they choose, it added.

Romania's economic growth accelerated to 6.0% in the second quarter of 2016 from 4.3% the quarter before, due to strong performance of the agricultural sector and rising consumption, according to the latest data from the country's statistics board, INS.

Increased foreign investment, low tax, and rising wages have resulted in a boom of new businesses which is reflected in the Business Environment sub-index where Romania ranks 41st.

However, as in other post-Communist states, corruption and governance remain a major concern in Romania, according to the ranking.

"While there have been significant efforts to reduce corruption and increase transparency, these must be further improved if Romania wants to close its prosperity deficit and compete with its EU peers," Legatum concluded.

London-based Legatum Institute is an international think-tank and educational charity focused on understanding, measuring, and explaining the journey from poverty to prosperity for individuals, communities and nations.

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