1. Prospects for Romania’s convergence Perspectives from EU countries with earlier accession Guillermo TOLOSA Resident Representative for Romania and Bulgaria International Monetary Fund

2. Fast convergence is possible, but not a given The price of populism GDP per capita; cumulative percentage change as % of Euro area Source: World Bank, World Development Indicators

3. The crisis made it harder, raising stakes for policy Income levels relative to advanced economies Percent of advanced economies GDP per head at PPP Source: WEO

4. Convergence opportunities - Manufacturing SpainPortugal IrelandRomania Source: AMECO database

5. Convergence opportunities – Foreign investment has room to recover PortugalSpain IrelandRomania Source: World Bank, World Development Indicators

6. Convergence opportunities – Untapped labor force Employment in agriculture (% of total employment) 2013 Source: World Bank, World Development Indicators, Eurostat

7. Thank you

8. European Convergence, GDP per capita in PPP, as % of EU Source: World Bank, World Development Indicators * Greece - Only data from 1980 onwards available