I think there is growing resilience in Romania, with no significant changes in the cost of capital in the medium term, says Raffaella Tenconi, Chief Economist at Wood&Company.

“If I look at Hungary, it’s a country where, well, the growth potential is equivalent, but the currency and institutional risk is growing rapidly. European money will not flow as much to Hungary, but more money will flow to Romania than before,” Tenkoni said at the Proprietate Fund conference, which was attended by several foreign investors.

“The situation in Poland is also difficult. The Czech Republic is a country where, on our horizon, it will be stable, but with a lower potential,” she said.

Given that the world is structurally experiencing higher inflation than before for a variety of reasons, she said, with commodity prices being just one aspect, with that high inflation comes higher interest rates.

“So my question is, which countries will feel the shock because they’ve had very low inflation and low interest rates. Which countries will not feel special? (…) Romania is one of the few that is in a good position,” she said.

• Not so long ago, Romania had high interest rates and high inflation. Of course, Romania has high inflation now, just like everyone else, but if you extend your horizon to the next 3-5 years, I can say that inflation in Romania will not be any different from inflation in recent history. The same with interest.

“The productivity gains here are noticeable and easier to achieve. It is a country that builds highways, railways, disposes of garbage, improves culture and, obviously, digital technology. They are and will provide real productivity and efficiency. We know how to get there,” the economist also showed.