Tech – in particularly- is led by the development of the digital economy and the adoption of transversal technologies, is expected to be a key driver of economic growth in Romania. Romania has emerged as a leading technology and innovation hub in Central and Eastern Europe on the back of strong growth in the IT sector. The industry has been expanding at over 15% annually since 2010, making it now the largest private sector employer contributing around 6% to GDP.
Bucharest in particular has developed into a major nearshore outsourcing destination for European and US companies attracted by the availability of low-cost yet highly skilled engineering and software development talent. Over 300 global firms have set up delivery centers, creating over 150,000 high-paying tech jobs.
The government aims to further strengthen the ecosystem through initiatives like- tech parks, startup incubators, research collaborations and skills development programs. The impact of foreign direct investment, trade, final consumption expenditures, exports, and imports of goods and services on economic growth in Romania. The findings provide evidence of the significant influence of these factors on the country’s economic development.
Romania has emerged as a leading technology and innovation hub in Central and Eastern Europe. The Tech and IT sector is among the fastest growing, expanding at an average annual rate of over 15% since 2010. It is now the largest private sector employer that is accounting for over 5% of GDP.
Digital transformation is also accelerating across other industries like- automotive, manufacturing, agriculture, healthcare and education utilizing technologies such as: AI, IoT, blockchain, cloud computing and big data. This is helping boost productivity and competitiveness of the Romanian economy. Going forward—the focus will be on nurturing local tech entrepreneurship and investing in emerging areas of the digital economy.
