When in 2007 Romania joined the European Union (EU), it was one of the poorest and most corrupt nations in the union. Ten years later, Romania demonstrates the fastest economic growth in the EU (in 2016 GDP grew by 4.8 %), it is considered as the next tech-startup hub country, and its digital infrastructure makes it an attractive location for tech investments. Despite the growth in recent years, Romania is the second-worst in the EU for the risk of poverty and social exclusion. And while the government struggles to meet its budget collection target, corruption and mistrust in government impede economic development.
The Balkans’ $111.6 Billion in Illicit Financial Outflows (2001-2010) Hemorrhages the Region’s Treasuries and Exposes Western Nations to Financial Risks
RIJEKA, Croatia / WASHINGTON, DC – Global Financial Integrity (GFI) and Adriatic Institute for Public Policy (AI) have formed a strategic partnership to launch a new joint study on the Balkans’ illicit financial outflows via crime, corruption and tax evasion for the years 1991 through 2011. The in-depth study led by the joint leadership team consisting of GFI President Raymond Baker, GFI Chief Economist Dev Kar, AI Chairman Natasha Srdoc and senior staff members will provide detailed reports for each of the Balkan nations covering the 21-year time span. The GFI-AI research will focus on illicit financial outflows for the Balkan nations including Albania, Bosnia-Herzegovina, Bulgaria, Croatia, Greece, Kosovo, Macedonia, Montenegro, Romania, Serbia and Slovenia.
