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Finance & Accounting
Pages 6 (1506 words)
Romania: Business and Accounting Environment Introduction Romania is a member country of the European Union and is rich in resources for attracting U.S. investors. It has marketplace for 22 million and cultivable land for over 37 million acres. The workforce in this country is well qualified with over 50,000 experts in information technology…
Being a member of the EU, Romania in order to comply by the requirements of the membership makes investments for modernization and development of its infrastructure. In the year 2008, Romania showed economic development by an impressive 7.1%, but since then there has been a decline with 1% in 2012. The public sectors act as the buyers of products and services, while the agriculture sector is funded by the EU or developmental banks like the World Bank among others (“Doing business in Romania”). In the 1990s, Romania started to reform its economy to make it completely market-based. The government applied reform methods between 2000 and 2007 in order to maintain growth and stability in the long run. Although there was economic growth in 2008, there was huge disparity in the income between Romania and the EU. For solution, the government implemented many flexible policies to allow firms to use their resources like labour and capital more efficiently (“Romania: Functional Review” 64). Legal environment and forms of business Structuring of market-based economy in Romania in the 1990s has stabilized the legal regulations of corporate entities. ...
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