ROMANIA Trends and Developments Contributed by: Cosmin Vasile and Alina Tugearu, Zamfirescu Racoți Vasile & Partners Attorneys At Law
Recent economic developments As reported by The World Bank in April 2024, Romania’s economic growth decelerated to 2.1% in 2023, impacted by higher inflation and weaker external demand. Romania has made considerable progress in economic performance and convergence with the EU. Growth has accel- erated in 2024, supported by private consump- tion, benefiting from rising disposable incomes and EU-financed investment; investment, boost- ed by EU funds, was the main driver of growth. Construction remained the main growth driver but faced reduced momentum due to a deceler- ation in residential construction. Industry shrank for the second consecutive year due to elevated production costs, especially in energy-intensive sectors. Economic growth is expected to firm over the medium term. The outlook depends on multiple factors, predominantly external shocks mainly stemming from the ramifications of Russia’s invasion of Ukraine, persistent structural fiscal challenges, and strains in the context of the 2024 multi-level national and EU elections. Romania’s capacity to efficiently absorb EU funds will be critical for a sustainable, green and inclusive recovery, aiding private investment amid higher interest rates and uncertainty. Joining efforts to discuss critical developments in international arbitration – Bucharest Arbitration Days 2024, fifth edition Bucharest Arbitration Days is an event dedicat- ed to international arbitration and the necessary reforms in the field. In 2024, the fifth such confer- ence addressed the subject of “Critical Develop- ments in International Arbitration” and benefited from the participation of more than 200 dele- gates and 40+ speakers from 12 countries and three continents, including representatives from
arbitration institutions, arbitrators, in-house and external counsel, and legal practitioners. Bucharest Arbitration Days 2024 focused on key developments in international arbitration, addressing the ongoing legitimacy concerns within the field. Discussions included: • ethics and conflicts in international arbitra- tion, highlighted by recent updates to the IBA Guidelines on Conflicts of Interest; • the evolving relationship between arbitration and courts; • diversity in arbitration, considering various seats and institutions; and • the implications of technology on evidence. Bucharest Arbitration Days 2024 concentrat- ed on disputes related to foreign investments, addressing the critical regulatory landscape of states amid the transition to clean energy and international climate change commitments. Confirming Romania’s continuous develop- ments in international arbitration and establish - ing Bucharest as a burgeoning hub alongside more established arbitration centres, renowned professionals from all over the world participated in Bucharest Arbitration Days 2024, including the following keynote speakers: • Professor Julian DM Lew KC, an international arbitrator based at Twenty Essex in London; • Professor Maria Chiara Malaguti, President of UNIDROIT; • Julie Bedard, head of Skadden’s international litigation and arbitration group for the Ameri- cas; • Jonathan Wood, President of the Chartered Institute of Arbitrators; and • Professor Eduardo Silva Romero, partner at Wordstone Dispute Resolution.
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