Valentin Lazea, chief economist at the National Bank of Romania (BNR), publicly criticized Romanian business leaders for a lack of economic understanding and their contribution to weakening public finances. Speaking at a conference hosted by the Association of Financial-Banking Analysts, Lazea stated entrepreneurs readily applauded artificial economic growth without grasping the negative consequences of exceeding the country’s potential GDP. He argued this lack of macroeconomic knowledge is detrimental. Lazea expressed frustration that businesses failed to recognize the risks associated with unsustainable growth. He suggested someone needs to explain these concepts to them. The economist’s comments highlight a disconnect between economic policy and business practices within Romania.
