Taking off, but mind the head winds
As we published last year’s mid-year report, when we were a few months in the pandemic, we believed that Romania would stand to outperform its European peers, see a decent run in 2021 and recover its pre-pandemic level of activity by the end of 2022. Even though these expectations seemed quite optimistic at that time, we were (thankfully) wrong.
Romania has already finalized its recovery as of first quarter of 2021, when its GDP reached, in real terms, pre-pandemic levels. Of course, the economy is drastically different than how it was a year and a half ago and a lot of things will never be the same – from the way we work to how companies are faring from sector to sector. One of the recurring themes for this recovery is its uneven character, with some sectors barely blinking throughout the last year and a half and others teetering, unsure how long their recovery would last, though it may not come for some.