WOOD Flash – Romania macro: reflections on the resignation of PM Ciolacu
The first round of the presidential elections, held over the weekend, resulted in AUR leader George Simion and Bucharest Mayor Nicușor Dan advancing to the runoff. As a result of the defeat of the PSD-supported candidate, for the second time, Prime Minister Ciolacu has decided to resign and the party will not endorse anyone in the second round. The budget execution in the first three months of the year and the high costs of the pension reform introduced last year imply that either the government passes sizeable budget corrections by early summer, or this year’s deficit will match, if not exceed, last year’s 9.3% of GDP.
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