Romania is high-middle-income EU member economy of Central-Eastern Europe, the 18th largest in European Union by total nominal Gross Domestic Product and the 12th largest based on purchasing power parity and is one of the fastest growing major nation in recent history with consistent annual growth rates above 6% (+7% for 2008). Romania is a member of the European Union (7th largest country), its most important trading partner. Its capital, Bucharest (with 2.5 million people - metropolitan area), is one of the largest financial centres in the region. Romania has experienced growth in foreign investment with a cumulative foreign direct investment totaling more than $85 billion since 1989.
Certain forecasts indicate that Romanian GDP will double by 2011. Romania is one of the most stable and prosperous states of Central, Eastern and South Europe. Preliminary estimates for 2008 show a real GDP growth of 7.2%, while the forecasts for 2009-10 indicate an average of 6-6.5% per year. Future prospects are tied to the country's increasingly important integration with the European Union member states. Romania will overtake Italy in 2020 (GDP per capita). The country is expected to join the Eurozone in 2014.
Due to the dynamic boom economy in 2007, Romania now has 9 billionaires (in US dollars), compared to 2 in 2006. Romania is experiencing decline in mass emigration as the large difference in standards of living are decreasing.
Before World War II
After World War I, the application of a radical agricultural reform, the passing of a new constitution, one of the most democratic on the Continent, created a general-democratic framework and allowed for a fast economic growth (the industrial production doubled between 1923-1938). With an oil production of 7.2 million tons in 1937, Romania placed second in Europe and the seventh in the world.
Economy during (1944 - 1989)
On the negative side, the legacy of the Ceausescu's period was a bloated heavy industry using archaic production methods, consuming lots of resources, and producing low-value goods (the refining capacity is over ten times what was needed, the steel production capabilities two-and-a-half times, the aluminum production facilities five times). Most of what was produced could not be sold anywhere, and ended up sitting and deteriorating outside the factories where it was made, while light industries were ridiculously undersized (Romanians had to wait 3 years for a washing machine, 2-3 years for a color TV, 5-10 years for a car), and technologically obsolete. The communication network was, with the exception of the modernization of the trunk railway lines, left at the 1950s'
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