By Anna Grybel-Kloc

The impact of the global economic crisis has so far been limited in Romania. The GDP growth for example has stayed exceptionally high in 2008, achieving 8.2% in Q1, 9.3% in Q2 and 9.1% in Q3.

However, a big economic slowdown is inevitable in 2009 as a result of slowing exports, harder access to finance for business and slowing consumption.

The first signs of the slowing economy are increased unemployment and lower consumption.

Initially layoffs were announcing by private companies, but recently also state-owned firms have started to cut jobs.