The Estimation of the Time Period Required to Achieve Real Economic Convergence Between Romania and the Euro Area

The main objective of this research is to estimate the time needed for Romania to achieve real sustainable economic convergence with the euro area. In this regard, we will try to determine when the absolute level of GDP / capita in Romania will equalize the absolute level of GDP / capita in the euro area. This equalization occurs when the growth rate of GDP / capita (expressed in PPP) of Romania is higher than the growth rate of the same indicator in the euro area. To achieve this objective, there are used simple relationships of growing of the GDP / capita both for Romania and the euro area. The estimated results shows that the GDP / capita (expressed in PPP) in Romania will be able to equalize with GDP / capita in the euro approximately in the year 2030. This uniformity will occur only if the average growth rate of the Romanian economy will remain constant, ie at the same level as the average growth rate for GDP / capita in the analyzed period. If Romania will register higher growth rates, the period of time until the country will achieve real sustainable economic convergence with the euro area average will decrease