MACROECONOMIC DEVELOPMENTS AND THEIR IMPACT ON THE FINANCING OF FIRMS - ROMANIA IN THE REGIONAL CONTEXT
MACROECONOMIC DEVELOPMENTS AND THEIR IMPACT ON THE FINANCING OF FIRMS - ROMANIA IN THE REGIONAL CONTEXT

Summary/Abstract: The paper takes as its starting point the main macroeconomic developments that influenced the financial environment of firms in Romania during the period 2019–2025, by comparing it with the average of Central and Eastern European economies - Poland, Hungary and the Czech Republic. The analysis considers the dynamics of four key indicators: the inflation rate, the monetary policy rate, real GDP growth and the exchange rate, highlighting how they affected the financing conditions and debt decisions of firms. Four distinct stages were identified: the pre-pandemic reference period, the economic shock generated by the COVID-19 pandemic, the inflationary crisis and the subsequent monetary adjustment. The results indicate a relative resilience of the Romanian economy during the pandemic, but also significant pressures on firms in the phase of increasing financing costs. Compared to Central and Eastern European countries, Romania has experienced a more stable exchange rate evolution and a moderate level of inflationary shock, but the slower reduction in interest rates has maintained restrictive lending conditions. The study highlights the fact that the macroeconomic environment influenced firms differently, depending on the level of indebtedness and currency exposure.

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