President Iohannis: Working group needs to realistically analyse all macroeconomic, sectoral economic implications of COVID-19

President Iohannis on Wednesday asked the interinstitutional working group "to realistically analyse and assess" all the economic implications of COVID-19, at macroeconomic and sectoral levels. "I ask the working group to realistically analyse and assess all the implications of the COVID-19 at the macroeconomic and sectoral levels. All of us must be aware that the measures need to take into account the interests of the employees, companies, the budget, and all this requires various implications and scenarios. Based on these assessments we will take the necessary economic and social measures to prevent blockages, to support the affected economic sectors and to ensure the financial and budgetary sustainability, especially in the complicated context we are facing right now. We have also been discussing with the National Bank, the commercial banks, the Ministry of Finance, on how to prevent such blockages of a bureaucratic nature. Also, responsibility and prudence must permanently guide the public communication exercise when it comes to the economic impact of the COVID-19 so that we avoid generating even more uncertainty and more lack of confidence. We strongly believe that, together, through the tight collaboration of all institutions and actors involved, we will succeed in obtaining the concrete results that we all want," the head of state said at the beginning of a meeting of the GLI-ECOROM working group. He showed that this interinstitutional working group must determine with celerity the amplitude of the expected impact on the Romanian economy of the spreading of the coronavirus epidemic. "The main message that I want to send is to prudently and responsibly assess the economic and social implications and not to minimize the economic impact of this crisis, which keeps extending at the regional and European level. It's essential we identify the most adequate mechanisms and instruments by which we can protect not only the health of our citizens, which is very important but also the functioning of our economy and society overall, which are, also, extremely important to us all," showed Iohannis. The head of state indicated that the economic assessments and predictions formulated by the institutions operating in this field must provide some predictability and a rapid and efficient constructive institutional reaction. "I support the implication of the business environment in this, for together we can asses the amplitude of the economic effects of this coronavirus epidemic. We must have a set of strong measures to support the economy and to prevent such negative effects, which could generate risks and vulnerabilities at macroeconomic level," said Iohannis. President Klaus Iohannis presided the first meeting of the interinstitutional working group (GLI-ECOROM) created to asses the economic, financial and budgetary impact of the COVID-19 on Romania. AGERPRES (RO - author: Florentina Peia, editor: Mihai Simionescu; EN - author: Cristina Zaharia, editor: Adina Panaitescu)