... is amplifying wage pressures in an already + overheating economy. while wage convergence is desirable, pay increases that significantly outpace underlying productivity have historically led to boom-bust cycles. we expect that consumption-focused growth will generate wider fiscal and external + deficits, increasing the Romanian economy's vulnerability to an abrupt downturn over the medium term, though public and external debt is modest and we acknowledge that economic growth could remain strong for a considerable period of time. we are therefore affirming our `###-/A-3' ratings on Romania. + The outlook is stable, reflecting our view that general government and external + debt is likely to increase only gradually over the coming two years. RATing ACTiOn On Oct. 6, 2017, S&P global Ratings affirmed its `###-/A-3' long- and short-term foreign and local currency sovereign credit ratings on Romania. The outlook is stable....
