Significant economic growth potential. Moderate general government debt. Substantial unwinding of the current account deficit. Economic growth's reliance, to date, on high domestic consumption. Structural weaknesses in public finances. Large external imbalances and dependence on debt financing. The ratings on Romania balance our view of the country's significant economic growth potential, moderate general government debt, and substantial reduction of its current account deficit with the challenges that we believe the government faces to rebalance the economy's growth composition and to address the structural weaknesses in its public finances, its still large external imbalances, and its dependence on debt financing. The Romanian economy has suffered a severe recession, which we believe was triggered in 2009, mainly by the abrupt contraction in
