Romania has climbed 13 positions since 2000 to 24th in the ESCAPE index of PwC, which gauges a wide array of factors crucial for business-making including political, legal and regulatory institutions and economic growth. The country has gained three positions between 2007 and 2012 in the same index.

Vasile Iuga, country managing, partner, PwC Romania, said: “We need a national project that will foster reindustrialization, attract foreign investments and help consolidate local capital in order to win the modernization wager.” Iuga commented that despite the extensive growth since 2000, Romania has to avoid the middle income trap, marked by economic stagnation once middle income levels are reached.

The index shows that many northern European economies have performed consistently well. Sweden tops the index, followed by Switzerland and Singapore. Australia has moved up from 13th place in 2000 to 7th in 2012.

“Previously buoyant emerging economies such as India, Brazil and Turkey have run into turbulence recently, showing the need for continuing structural reforms,” said Iuga.

None of the MINT nations comprising Mexico, Indonesia, Nigeria and Turkey have yet cracked the top 30 countries. (source: business-review.eu)