rich9 link
rich9 link
Australia's House of Representatives passes bill that would ban young children from social media
In recent years, the collective perception of economic conditions and the future seems to be marked by increasing pessimism. Looking around us, we might think we are living in troubled times. Indeed, we have lived through global financial crises like the one in 2008, a pandemic, and other major events, but the impact of these events is often magnified. The focus on negative news in the media and social media can fuel a sense of insecurity and fear about the present and the future. Moreover, human nature predisposes us to pay more attention to negative news, thus increasing the feeling of insecurity. The result is a distorted (as I will show below) but widespread perception that the "golden age" belongs to the past, while the present is dominated by instability and decline. But economic indicators - objective barometers of the state of the economy - offer us a different perspective: the golden age is not to be found in the past, but rather in the present. In this sense, the graph below shows us that today, we are crossing an extraordinary, unprecedented chapter in Romania's economic history. Analyzing the evolution of GDP per capita adjusted to purchasing power parity (a relevant benchmark for measuring economic progress and convergence) from 1862 to today, compared to the developed countries of Western Europe (Germany, France, Great Britain, Italy and Spain), we discover a surprising evolution, culminating in a remarkable performance in recent years. This series of data, probably one of the most extensive of its kind, shows that Romania's level of development has fluctuated between 20% and 40% of the Western European average for about 140 years, maintaining an average of about 30 %. However, in the last two to three decades, Romania has registered accelerated economic growth, which can be considered a real "economic miracle,” propelling us towards a unique level of well-being in our entire history, with increased access to goods and services. After almost a century and a half of underdevelopment, we have overcome the status of a low-income economy and advanced to a medium level of development. From a country deeply affected by the transition from a centralized to a market economy, we have become a complex economy, comparable to the economies of Central and Eastern European countries such as Poland, Slovakia, and Hungary, which are also in the range of 70-80% of the EU average in terms of GDP/ capita PPP. We are at a point where, despite internal and external challenges, we have made important progress, and economically and in terms of living standards, we are closer to the West than we have ever been. A convergence as rapid as that experienced by Romania (and the Central and Eastern European region) in the last two and a half decades is rare. In Romania, the GDP per capita, in terms of purchasing power parity (PPP) compared to the EU average, increased spectacularly from approximately 25% to almost 80% during this period. Although regional disparities still persist in our country, overall progress is undeniable. However, the overall picture of Romania's economic progress hides at least 42 nuances (the 41 counties plus the capital), reflecting notable geographical differences. Although the indicators at the national level show a clearly positive trend, regional inequalities and economic differences between counties create a much more complex and fragmented reality. Even in areas considered developed, there are social groups that have not benefited to the same extent from the process of economic convergence. The economic differences between Romania's counties are obvious. The less-performing areas in terms of GDP per capita reach barely 44-48% of the national average, while top counties such as Brașov, Timiș, and Cluj reach values between 116% and 145%. Bucharest stands out, reaching 280% of the national average. Counties with higher economic performance are generally able to offer higher wages to employees, which increases inequality. Although it is probably the most commonly used indicator to measure economic progress, GDP does not fully capture the true well-being of the population. If we look at stock indicators such as net financial wealth per capita, in contrast to flow indicators such as GDP per capita, we see a gap compared to our neighbors in Central and Eastern Europe. This suggests that while economic growth has been robust, wealth accumulation at the individual level remains a challenge. Although the economic convergence is as clear as possible, the main question mark remains the sustainability of this positive trend. We have a long way to go until the well-being of each county and each social category in Romania approaches the level of those in the European Union. Reality is complex, with many nuances. Furthermore, how we feel – our level of happiness and contentment – depends on a multitude of factors. GDP per capita is a simple indicator and cannot capture the complexity of human feelings. Moreover, certain cognitive biases can distort our perception of the past and present, such as " rosy retrospection ” (the tendency to idealize the past). Many tend to remember their youth or past times as better than they actually were. But returning to the topic of convergence, the question naturally arises: how was this spectacular progress over the last 20-25 years possible? The short answer is: European integration. The European project has a profound impact on our lives, promoting economic cooperation, raising living standards and supporting democracy, freedom and peace among member states. Membership of the European Union played an essential role in the convergence process of Central and Eastern European countries, including Romania. The accelerated development of this region in the last two decades is a case study, a rare example in economic history that highlights the advantages of European integration. Integration into the European Union gave Romania access to a vast common market, structural funds, and unprecedented investment opportunities. The adoption of European standards, the implementation of structural reforms, and the strengthening of democratic institutions were key elements in this process. This success formula can serve as an example for other countries that aspire to European integration, such as the Republic of Moldova. In the context of the recent elections in the Republic of Moldova, the European path is not only a geopolitical option but also a real opportunity for economic development and prosperity, even if this process is long-lasting and will require sustained efforts. According to economic theory, growth is based on two fundamental elements: labor force contribution (number of employees and hours worked – L) and labor productivity (LP). The latter is determined by capital (equipment, factories, infrastructure – K) and total factor productivity (TFP), a measure of the efficiency of the use of economic resources, which reflects innovation, technological progress and the quality of management. To illustrate this concept, imagine a worker from Central and Eastern Europe in a company in Western Europe or the United States. We often observe that it becomes as productive as its Western counterparts. On the other hand, if an employee in a highly developed country were to work in an environment with limited resources, his productivity would decline considerably. This emphasizes the key role that capital and technology play in increasing productivity. European integration has allowed the Romanian workforce to become approximately three times more productive today compared to the beginning of this century, unlocking huge growth potential. Romania's transformation from a closed economy to an open market economy has made it possible for us to participate in international trade and integrate into global value chains. This path has brought challenges and intense competition, but the positive impact on the economy is undeniable. In addition, European funds have supported essential reforms and investments in infrastructure and public services, contributing directly to economic growth. Foreign direct investment (FDI) has also played a decisive role, providing capital and increasing total factor productivity through the transfer of technology and managerial expertise, indispensable elements of a modern economy. Last but not least, strong institutions have played a key role in this transformation, as argued by the 2024 Nobel Prize laureates in Economics, Daron Acemoglu, Simon Johnson, and James Robinson, in their studies of how institutions influence the prosperity of nations. We adopted models, legislative frameworks, and knowledge systems developed and successfully tested in Western Europe, which contributed to increasing Romania's economic stability and competitiveness. In the last quarter of a century, Romania reached an average rate of convergence with the EU average of approximately 2 percentage points per year, but with the approach to the European level, the road becomes increasingly difficult. The pace of convergence is expected to slow in the coming years, both because of the complexity of the next steps and the specific challenges looming on the horizon. The threat of the "middle-income trap" appears, specific to developing countries that have difficulty taking the next step and becoming developed economies. The first limiting factor is the proximity to the technological frontier. If the jump from 25% to 75% of the EU average was challenging but achievable, the increase from 75% to 100% requires constant innovation and massive investment in technology. A relevant analogy would be driving a car in fog on a winding mountain road. Initially, we follow the lights of the car in front (Western models), but once we pass it, we realize that we no longer have a clear guide and must discover our own direction. At the technological frontier, progress depends on our ability to innovate and adapt. The labor market represents another challenge on the road to full convergence. If in the 2000s Romania had a high unemployment rate and a relatively cheap workforce, today the situation has changed. In the context of a reduced natural increase and the problem of emigration, access to highly qualified labor is becoming increasingly difficult. Fiscal policy also becomes a limiting factor. Given that larger, unsustainable deficits have been tolerated in recent years, we see that public debt has grown rapidly, from around 12% of GDP in 2007 to almost 52% in 2024. Prudent management of public finances and gradual fiscal consolidation are essential for maintaining economic stability. European funds will continue to play an important role, but their contribution may diminish in the medium term. As we approach the standard of living of the more developed states in the EU, financial resources will have to be directed to other priorities of the Union. The EU itself faces major challenges, such as the need to improve economic competitiveness (as the Draghi report points out) alongside other strategic initiatives (e.g., defense), supporting other states pursuing the integration or reconstruction of Ukraine. Foreign direct investment (FDI) is another element but with mixed prospects. On the one hand, the tense geopolitical context can discourage investors, who become more cautious in their decisions. On the other hand, the trends of near-shoring and friend-shoring – relocating production closer to the markets or in friendly countries – can create opportunities for Romania if we manage to attract these investments through appropriate policies. In order to continue the convergence process, Romania must develop internal engines of economic growth. A possible catalyst (country project) could be joining the Eurozone. The preparation process and reforms required for the adoption of the euro can stimulate the modernization of the economy and strengthen investor confidence. The road to the euro area is as important as the actual adoption of the single currency. With realistic optimism, it can be said that by the end of this decade, Romania could reach 85-90% of the EU development average. So when was or is the "golden age"? There are objective arguments to suggest that we are in a special time economically, with remarkable progress and unique opportunities. However, as one experienced former central banker said, just like in a relationship, the golden age in economics is often only seen when things stop working. Personally, I would like to believe that our true economic golden age is just ahead, waiting to be built by our efforts and aspirations. In a global context marked by immense challenges, Romania has a real chance to continue its progress. But this chance requires work, vision and commitment, and the first test awaits us next year itself, when we will be faced with the need to gradually reduce macroeconomic vulnerabilities, especially the budget deficit. --- In recent years, the collective perception of economic conditions and the future seems to be marked by increasing pessimism. Looking around us, we might think we are living in troubled times. Indeed, we have lived through global financial crises like the one in 2008, a pandemic, and other major events, but the impact of these events is often magnified. The focus on negative news in the media and social media can fuel a sense of insecurity and fear about the present and the future. Moreover, human nature predisposes us to pay more attention to negative news, thus increasing the feeling of insecurity. The result is a distorted (as I will show below) but widespread perception that the "golden age" belongs to the past, while the present is dominated by instability and decline. But economic indicators - objective barometers of the state of the economy - offer us a different perspective: the golden age is not to be found in the past, but rather in the present. In this sense, the graph below shows us that today, we are crossing an extraordinary, unprecedented chapter in Romania's economic history. Analyzing the evolution of GDP per capita adjusted to purchasing power parity (a relevant benchmark for measuring economic progress and convergence) from 1862 to today, compared to the developed countries of Western Europe (Germany, France, Great Britain, Italy and Spain), we discover a surprising evolution, culminating in a remarkable performance in recent years. This series of data, probably one of the most extensive of its kind, shows that Romania's level of development has fluctuated between 20% and 40% of the Western European average for about 140 years, maintaining an average of about 30 %. However, in the last two to three decades, Romania has registered accelerated economic growth, which can be considered a real "economic miracle,” propelling us towards a unique level of well-being in our entire history, with increased access to goods and services. After almost a century and a half of underdevelopment, we have overcome the status of a low-income economy and advanced to a medium level of development. From a country deeply affected by the transition from a centralized to a market economy, we have become a complex economy, comparable to the economies of Central and Eastern European countries such as Poland, Slovakia, and Hungary, which are also in the range of 70-80% of the EU average in terms of GDP/ capita PPP. We are at a point where, despite internal and external challenges, we have made important progress, and economically and in terms of living standards, we are closer to the West than we have ever been. A convergence as rapid as that experienced by Romania (and the Central and Eastern European region) in the last two and a half decades is rare. In Romania, the GDP per capita, in terms of purchasing power parity (PPP) compared to the EU average, increased spectacularly from approximately 25% to almost 80% during this period. Although regional disparities still persist in our country, overall progress is undeniable. However, the overall picture of Romania's economic progress hides at least 42 nuances (the 41 counties plus the capital), reflecting notable geographical differences. Although the indicators at the national level show a clearly positive trend, regional inequalities and economic differences between counties create a much more complex and fragmented reality. Even in areas considered developed, there are social groups that have not benefited to the same extent from the process of economic convergence. The economic differences between Romania's counties are obvious. The less-performing areas in terms of GDP per capita reach barely 44-48% of the national average, while top counties such as Brașov, Timiș, and Cluj reach values between 116% and 145%. Bucharest stands out, reaching 280% of the national average. Counties with higher economic performance are generally able to offer higher wages to employees, which increases inequality. Although it is probably the most commonly used indicator to measure economic progress, GDP does not fully capture the true well-being of the population. If we look at stock indicators such as net financial wealth per capita, in contrast to flow indicators such as GDP per capita, we see a gap compared to our neighbors in Central and Eastern Europe. This suggests that while economic growth has been robust, wealth accumulation at the individual level remains a challenge. Although the economic convergence is as clear as possible, the main question mark remains the sustainability of this positive trend. We have a long way to go until the well-being of each county and each social category in Romania approaches the level of those in the European Union. Reality is complex, with many nuances. Furthermore, how we feel – our level of happiness and contentment – depends on a multitude of factors. GDP per capita is a simple indicator and cannot capture the complexity of human feelings. Moreover, certain cognitive biases can distort our perception of the past and present, such as " rosy retrospection ” (the tendency to idealize the past). Many tend to remember their youth or past times as better than they actually were. But returning to the topic of convergence, the question naturally arises: how was this spectacular progress over the last 20-25 years possible? The short answer is: European integration. The European project has a profound impact on our lives, promoting economic cooperation, raising living standards and supporting democracy, freedom and peace among member states. Membership of the European Union played an essential role in the convergence process of Central and Eastern European countries, including Romania. The accelerated development of this region in the last two decades is a case study, a rare example in economic history that highlights the advantages of European integration. Integration into the European Union gave Romania access to a vast common market, structural funds, and unprecedented investment opportunities. The adoption of European standards, the implementation of structural reforms, and the strengthening of democratic institutions were key elements in this process. This success formula can serve as an example for other countries that aspire to European integration, such as the Republic of Moldova. In the context of the recent elections in the Republic of Moldova, the European path is not only a geopolitical option but also a real opportunity for economic development and prosperity, even if this process is long-lasting and will require sustained efforts. According to economic theory, growth is based on two fundamental elements: labor force contribution (number of employees and hours worked – L) and labor productivity (LP). The latter is determined by capital (equipment, factories, infrastructure – K) and total factor productivity (TFP), a measure of the efficiency of the use of economic resources, which reflects innovation, technological progress and the quality of management. To illustrate this concept, imagine a worker from Central and Eastern Europe in a company in Western Europe or the United States. We often observe that it becomes as productive as its Western counterparts. On the other hand, if an employee in a highly developed country were to work in an environment with limited resources, his productivity would decline considerably. This emphasizes the key role that capital and technology play in increasing productivity. European integration has allowed the Romanian workforce to become approximately three times more productive today compared to the beginning of this century, unlocking huge growth potential. Romania's transformation from a closed economy to an open market economy has made it possible for us to participate in international trade and integrate into global value chains. This path has brought challenges and intense competition, but the positive impact on the economy is undeniable. In addition, European funds have supported essential reforms and investments in infrastructure and public services, contributing directly to economic growth. Foreign direct investment (FDI) has also played a decisive role, providing capital and increasing total factor productivity through the transfer of technology and managerial expertise, indispensable elements of a modern economy. Last but not least, strong institutions have played a key role in this transformation, as argued by the 2024 Nobel Prize laureates in Economics, Daron Acemoglu, Simon Johnson, and James Robinson, in their studies of how institutions influence the prosperity of nations. We adopted models, legislative frameworks, and knowledge systems developed and successfully tested in Western Europe, which contributed to increasing Romania's economic stability and competitiveness. In the last quarter of a century, Romania reached an average rate of convergence with the EU average of approximately 2 percentage points per year, but with the approach to the European level, the road becomes increasingly difficult. The pace of convergence is expected to slow in the coming years, both because of the complexity of the next steps and the specific challenges looming on the horizon. The threat of the "middle-income trap" appears, specific to developing countries that have difficulty taking the next step and becoming developed economies. The first limiting factor is the proximity to the technological frontier. If the jump from 25% to 75% of the EU average was challenging but achievable, the increase from 75% to 100% requires constant innovation and massive investment in technology. A relevant analogy would be driving a car in fog on a winding mountain road. Initially, we follow the lights of the car in front (Western models), but once we pass it, we realize that we no longer have a clear guide and must discover our own direction. At the technological frontier, progress depends on our ability to innovate and adapt. The labor market represents another challenge on the road to full convergence. If in the 2000s Romania had a high unemployment rate and a relatively cheap workforce, today the situation has changed. In the context of a reduced natural increase and the problem of emigration, access to highly qualified labor is becoming increasingly difficult. Fiscal policy also becomes a limiting factor. Given that larger, unsustainable deficits have been tolerated in recent years, we see that public debt has grown rapidly, from around 12% of GDP in 2007 to almost 52% in 2024. Prudent management of public finances and gradual fiscal consolidation are essential for maintaining economic stability. European funds will continue to play an important role, but their contribution may diminish in the medium term. As we approach the standard of living of the more developed states in the EU, financial resources will have to be directed to other priorities of the Union. The EU itself faces major challenges, such as the need to improve economic competitiveness (as the Draghi report points out) alongside other strategic initiatives (e.g., defense), supporting other states pursuing the integration or reconstruction of Ukraine. Foreign direct investment (FDI) is another element but with mixed prospects. On the one hand, the tense geopolitical context can discourage investors, who become more cautious in their decisions. On the other hand, the trends of near-shoring and friend-shoring – relocating production closer to the markets or in friendly countries – can create opportunities for Romania if we manage to attract these investments through appropriate policies. In order to continue the convergence process, Romania must develop internal engines of economic growth. A possible catalyst (country project) could be joining the Eurozone. The preparation process and reforms required for the adoption of the euro can stimulate the modernization of the economy and strengthen investor confidence. The road to the euro area is as important as the actual adoption of the single currency. With realistic optimism, it can be said that by the end of this decade, Romania could reach 85-90% of the EU development average. So when was or is the "golden age"? There are objective arguments to suggest that we are in a special time economically, with remarkable progress and unique opportunities. However, as one experienced former central banker said, just like in a relationship, the golden age in economics is often only seen when things stop working. Personally, I would like to believe that our true economic golden age is just ahead, waiting to be built by our efforts and aspirations. In a global context marked by immense challenges, Romania has a real chance to continue its progress. But this chance requires work, vision and commitment, and the first test awaits us next year itself, when we will be faced with the need to gradually reduce macroeconomic vulnerabilities, especially the budget deficit. --- In recent years, the collective perception of economic conditions and the future seems to be marked by increasing pessimism. Looking around us, we might think we are living in troubled times. Indeed, we have lived through global financial crises like the one in 2008, a pandemic, and other major events, but the impact of these events is often magnified. The focus on negative news in the media and social media can fuel a sense of insecurity and fear about the present and the future. Moreover, human nature predisposes us to pay more attention to negative news, thus increasing the feeling of insecurity. The result is a distorted (as I will show below) but widespread perception that the "golden age" belongs to the past, while the present is dominated by instability and decline. But economic indicators - objective barometers of the state of the economy - offer us a different perspective: the golden age is not to be found in the past, but rather in the present. In this sense, the graph below shows us that today, we are crossing an extraordinary, unprecedented chapter in Romania's economic history. Analyzing the evolution of GDP per capita adjusted to purchasing power parity (a relevant benchmark for measuring economic progress and convergence) from 1862 to today, compared to the developed countries of Western Europe (Germany, France, Great Britain, Italy and Spain), we discover a surprising evolution, culminating in a remarkable performance in recent years. This series of data, probably one of the most extensive of its kind, shows that Romania's level of development has fluctuated between 20% and 40% of the Western European average for about 140 years, maintaining an average of about 30 %. However, in the last two to three decades, Romania has registered accelerated economic growth, which can be considered a real "economic miracle,” propelling us towards a unique level of well-being in our entire history, with increased access to goods and services. After almost a century and a half of underdevelopment, we have overcome the status of a low-income economy and advanced to a medium level of development. From a country deeply affected by the transition from a centralized to a market economy, we have become a complex economy, comparable to the economies of Central and Eastern European countries such as Poland, Slovakia, and Hungary, which are also in the range of 70-80% of the EU average in terms of GDP/ capita PPP. We are at a point where, despite internal and external challenges, we have made important progress, and economically and in terms of living standards, we are closer to the West than we have ever been. A convergence as rapid as that experienced by Romania (and the Central and Eastern European region) in the last two and a half decades is rare. In Romania, the GDP per capita, in terms of purchasing power parity (PPP) compared to the EU average, increased spectacularly from approximately 25% to almost 80% during this period. Although regional disparities still persist in our country, overall progress is undeniable. However, the overall picture of Romania's economic progress hides at least 42 nuances (the 41 counties plus the capital), reflecting notable geographical differences. Although the indicators at the national level show a clearly positive trend, regional inequalities and economic differences between counties create a much more complex and fragmented reality. Even in areas considered developed, there are social groups that have not benefited to the same extent from the process of economic convergence. The economic differences between Romania's counties are obvious. The less-performing areas in terms of GDP per capita reach barely 44-48% of the national average, while top counties such as Brașov, Timiș, and Cluj reach values between 116% and 145%. Bucharest stands out, reaching 280% of the national average. Counties with higher economic performance are generally able to offer higher wages to employees, which increases inequality. Although it is probably the most commonly used indicator to measure economic progress, GDP does not fully capture the true well-being of the population. If we look at stock indicators such as net financial wealth per capita, in contrast to flow indicators such as GDP per capita, we see a gap compared to our neighbors in Central and Eastern Europe. This suggests that while economic growth has been robust, wealth accumulation at the individual level remains a challenge. Although the economic convergence is as clear as possible, the main question mark remains the sustainability of this positive trend. We have a long way to go until the well-being of each county and each social category in Romania approaches the level of those in the European Union. Reality is complex, with many nuances. Furthermore, how we feel – our level of happiness and contentment – depends on a multitude of factors. GDP per capita is a simple indicator and cannot capture the complexity of human feelings. Moreover, certain cognitive biases can distort our perception of the past and present, such as " rosy retrospection ” (the tendency to idealize the past). Many tend to remember their youth or past times as better than they actually were. But returning to the topic of convergence, the question naturally arises: how was this spectacular progress over the last 20-25 years possible? The short answer is: European integration. The European project has a profound impact on our lives, promoting economic cooperation, raising living standards and supporting democracy, freedom and peace among member states. Membership of the European Union played an essential role in the convergence process of Central and Eastern European countries, including Romania. The accelerated development of this region in the last two decades is a case study, a rare example in economic history that highlights the advantages of European integration. Integration into the European Union gave Romania access to a vast common market, structural funds, and unprecedented investment opportunities. The adoption of European standards, the implementation of structural reforms, and the strengthening of democratic institutions were key elements in this process. This success formula can serve as an example for other countries that aspire to European integration, such as the Republic of Moldova. In the context of the recent elections in the Republic of Moldova, the European path is not only a geopolitical option but also a real opportunity for economic development and prosperity, even if this process is long-lasting and will require sustained efforts. According to economic theory, growth is based on two fundamental elements: labor force contribution (number of employees and hours worked – L) and labor productivity (LP). The latter is determined by capital (equipment, factories, infrastructure – K) and total factor productivity (TFP), a measure of the efficiency of the use of economic resources, which reflects innovation, technological progress and the quality of management. To illustrate this concept, imagine a worker from Central and Eastern Europe in a company in Western Europe or the United States. We often observe that it becomes as productive as its Western counterparts. On the other hand, if an employee in a highly developed country were to work in an environment with limited resources, his productivity would decline considerably. This emphasizes the key role that capital and technology play in increasing productivity. European integration has allowed the Romanian workforce to become approximately three times more productive today compared to the beginning of this century, unlocking huge growth potential. Romania's transformation from a closed economy to an open market economy has made it possible for us to participate in international trade and integrate into global value chains. This path has brought challenges and intense competition, but the positive impact on the economy is undeniable. In addition, European funds have supported essential reforms and investments in infrastructure and public services, contributing directly to economic growth. Foreign direct investment (FDI) has also played a decisive role, providing capital and increasing total factor productivity through the transfer of technology and managerial expertise, indispensable elements of a modern economy. Last but not least, strong institutions have played a key role in this transformation, as argued by the 2024 Nobel Prize laureates in Economics, Daron Acemoglu, Simon Johnson, and James Robinson, in their studies of how institutions influence the prosperity of nations. We adopted models, legislative frameworks, and knowledge systems developed and successfully tested in Western Europe, which contributed to increasing Romania's economic stability and competitiveness. In the last quarter of a century, Romania reached an average rate of convergence with the EU average of approximately 2 percentage points per year, but with the approach to the European level, the road becomes increasingly difficult. The pace of convergence is expected to slow in the coming years, both because of the complexity of the next steps and the specific challenges looming on the horizon. The threat of the "middle-income trap" appears, specific to developing countries that have difficulty taking the next step and becoming developed economies. The first limiting factor is the proximity to the technological frontier. If the jump from 25% to 75% of the EU average was challenging but achievable, the increase from 75% to 100% requires constant innovation and massive investment in technology. A relevant analogy would be driving a car in fog on a winding mountain road. Initially, we follow the lights of the car in front (Western models), but once we pass it, we realize that we no longer have a clear guide and must discover our own direction. At the technological frontier, progress depends on our ability to innovate and adapt. The labor market represents another challenge on the road to full convergence. If in the 2000s Romania had a high unemployment rate and a relatively cheap workforce, today the situation has changed. In the context of a reduced natural increase and the problem of emigration, access to highly qualified labor is becoming increasingly difficult. Fiscal policy also becomes a limiting factor. Given that larger, unsustainable deficits have been tolerated in recent years, we see that public debt has grown rapidly, from around 12% of GDP in 2007 to almost 52% in 2024. Prudent management of public finances and gradual fiscal consolidation are essential for maintaining economic stability. European funds will continue to play an important role, but their contribution may diminish in the medium term. As we approach the standard of living of the more developed states in the EU, financial resources will have to be directed to other priorities of the Union. The EU itself faces major challenges, such as the need to improve economic competitiveness (as the Draghi report points out) alongside other strategic initiatives (e.g., defense), supporting other states pursuing the integration or reconstruction of Ukraine. Foreign direct investment (FDI) is another element but with mixed prospects. On the one hand, the tense geopolitical context can discourage investors, who become more cautious in their decisions. On the other hand, the trends of near-shoring and friend-shoring – relocating production closer to the markets or in friendly countries – can create opportunities for Romania if we manage to attract these investments through appropriate policies. In order to continue the convergence process, Romania must develop internal engines of economic growth. A possible catalyst (country project) could be joining the Eurozone. The preparation process and reforms required for the adoption of the euro can stimulate the modernization of the economy and strengthen investor confidence. The road to the euro area is as important as the actual adoption of the single currency. With realistic optimism, it can be said that by the end of this decade, Romania could reach 85-90% of the EU development average. So when was or is the "golden age"? There are objective arguments to suggest that we are in a special time economically, with remarkable progress and unique opportunities. However, as one experienced former central banker said, just like in a relationship, the golden age in economics is often only seen when things stop working. Personally, I would like to believe that our true economic golden age is just ahead, waiting to be built by our efforts and aspirations. In a global context marked by immense challenges, Romania has a real chance to continue its progress. But this chance requires work, vision and commitment, and the first test awaits us next year itself, when we will be faced with the need to gradually reduce macroeconomic vulnerabilities, especially the budget deficit. ---Charles Schwab Investment Management Inc. grew its holdings in Ryder System, Inc. ( NYSE:R – Free Report ) by 0.5% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 398,837 shares of the transportation company’s stock after acquiring an additional 1,946 shares during the period. Charles Schwab Investment Management Inc. owned 0.94% of Ryder System worth $58,150,000 as of its most recent SEC filing. Several other hedge funds also recently modified their holdings of R. Wolff Wiese Magana LLC bought a new position in shares of Ryder System in the 3rd quarter valued at approximately $28,000. Altshuler Shaham Ltd bought a new stake in shares of Ryder System during the 2nd quarter worth $29,000. UMB Bank n.a. grew its stake in Ryder System by 43.2% in the 3rd quarter. UMB Bank n.a. now owns 265 shares of the transportation company’s stock valued at $39,000 after buying an additional 80 shares during the last quarter. Ashton Thomas Private Wealth LLC bought a new position in Ryder System in the 2nd quarter worth $51,000. Finally, GAMMA Investing LLC lifted its position in Ryder System by 44.0% during the 2nd quarter. GAMMA Investing LLC now owns 589 shares of the transportation company’s stock worth $73,000 after acquiring an additional 180 shares during the last quarter. Institutional investors and hedge funds own 87.47% of the company’s stock. Ryder System Stock Up 0.5 % Shares of R stock opened at $168.81 on Friday. The stock has a fifty day moving average price of $152.61 and a 200 day moving average price of $137.61. The stock has a market cap of $7.14 billion, a P/E ratio of 15.87 and a beta of 1.28. Ryder System, Inc. has a one year low of $105.09 and a one year high of $171.78. The company has a debt-to-equity ratio of 2.17, a current ratio of 0.74 and a quick ratio of 0.74. Ryder System Announces Dividend The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Monday, November 18th will be issued a dividend of $0.81 per share. The ex-dividend date of this dividend is Monday, November 18th. This represents a $3.24 dividend on an annualized basis and a dividend yield of 1.92%. Ryder System’s payout ratio is presently 30.31%. Wall Street Analysts Forecast Growth A number of equities analysts have recently commented on R shares. StockNews.com lowered Ryder System from a “buy” rating to a “hold” rating in a research note on Tuesday, October 29th. JPMorgan Chase & Co. reduced their price objective on Ryder System from $148.00 to $144.00 and set a “neutral” rating for the company in a research report on Friday, October 25th. Four equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $140.57. Get Our Latest Research Report on Ryder System Insider Activity In related news, insider Thomas M. Havens sold 4,000 shares of the stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $157.44, for a total transaction of $629,760.00. Following the sale, the insider now directly owns 20,504 shares in the company, valued at $3,228,149.76. This represents a 16.32 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website . 5.10% of the stock is owned by corporate insiders. About Ryder System ( Free Report ) Ryder System, Inc operates as a logistics and transportation company worldwide. It operates through three segments: Fleet Management Solutions (FMS), Supply Chain Solutions (SCS), and Dedicated Transportation Solutions (DTS). The FMS segment offers full-service leasing and leasing with flexible maintenance options; commercial vehicle rental services; and contract or transactional maintenance services of trucks, tractors, and trailers; access to diesel fuel; and fuel planning and tax reporting, cards, and monitoring services, and centralized billing, as well as sells used vehicles through its retail sales centers and www.ryder.com/used-trucks website, as well as digital and technology support services. Further Reading Want to see what other hedge funds are holding R? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Ryder System, Inc. ( NYSE:R – Free Report ). Receive News & Ratings for Ryder System Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ryder System and related companies with MarketBeat.com's FREE daily email newsletter .Doughty scores 17 in Indiana State's 83-80 win against IonaIndian share market opens lower, Nifty below 23,800
Charles Schwab Investment Management Inc. Has $59 Million Holdings in Boot Barn Holdings, Inc. (NYSE:BOOT)TRAVELING AROUND the country allows one to experience unique sports cultures of various cities and regions across America’s fruited plain. Sports tourism is real. For example, folks come to New England just to see Fenway Park, the basketball Hall of Fame, or even Loudon’s NASCAR track. Which brings us to New Orleans. The Crescent City. The Big Easy. The Paris of the South. I recently visited N’Awlins, aka “The City That Care Forgot,” for an NCLGS Conference (National Council of Legislators for Gaming States). There was certainly a sports component to the confab, as most states now have legalized sports betting, including New Hampshire. I was accompanied by distinguished state Sens.Howard Pearl and Timothy Lang (the “Father of Granite State Sports Gaming”) to the birthplace of jazz. Lang was the prime mover behind legalizing sports betting in New Hampshire in 2019 and his expertise in the area brought him national renown. The senator from Sanbornton deserves much credit for bringing $137 million in legal gambling dollars to state coffers since 2020, money helping schools across New Hampshire. Professional development, idea exchanges, and networking are valuable byproducts of such conventions. For example, I made it a point to attend a session on player harassment, where the panel included NBC football analyst Eric Froton, former Kansas tight end DeShawn Hanika, and former NBA standout Randy Livingston. I didn’t realize the grief that athletes can get. Hanika shared that he’d received a Venmo request for $5,000 from an angry bettor who claimed Hanika cost him that amount when he dropped a pass in a big game. Louisiana State University has a huge sports following in the Pelican State (aka the Bayou State), although Tulane University also has many fans. And while New Orleans doesn’t have an MLB or an NHL franchise, the Big Easy does have an NBA team, the Pelicans, who have the league’s worst record. The Paris of the South was once home to the New Orleans Jazz — the hoop team — which abandoned the Crescent City for a different City of the Saints: Salt Lake City. The SLC NBA team incongruously kept the Jazz nickname, even though New Orleans is the birthplace of jazz, while SLC features the Great Salt Lake and the Wasatch Mountains. The gaming confab included a “field trip” to the New Orleans’ Fair Grounds Horse Track and Casino, owned by Churchill Downs, a conference sponsor. After a social media post, Lang received a request from a friend to bring horse racing and casino gambling to Salem, N.H. “Stand by,” replied Lang, with a smile on his face. “I have a bill.” While we were in town, so too were the NFL’s Washington Commanders (née Redskins), who were there to play the New Orleans Saints, who can claim one Super Bowl victory since 1967 — which is one more than 12 other NFL teams and five less than New England’s Patriots. In the interests of self-education and cultural awareness, we also made several visits to legendary Bourbon Street. The energy, the music, the food, and the other sights and sounds were amazing. NFL fans clad in Washington Commander garb were everywhere — a great example of sports tourism. One can see why NFL fans might want to do a December road trip to see their heroes play in New Orleans, as opposed to, say, Green Bay? We lamented that we’d neglected to extend our stay one more night to watch the Saints host the Commanders at the SuperDome. But we did place bets on New Orleans to cover the spread. It seemed like a courteous thing to do for our wonderful host city. We watched the game at the airport. A touchdown with no time left cut a Washington lead to 20-19. A Saint two-point conversion attempt failed — but the team covered the spread. Ah yes. Easy money in The Big Easy. We’ll reinvest our profits in the Granite State. For the children. Go Saints (and Pelicans too)!
At his Madison Square Garden event a week before the election, Donald Trump went on an extended riff about the famous “chopstick” maneuver of Elon Musk’s Space X. In describing his slack-jawed amazement at watching the feat — the first stage of a Starship rocket returning to the launch tower upon coming back to Earth — Trump spoke for all us. The various videos of the operation that witnesses have posted online never get old. It’s not just the technical achievement — the joyous awe of spectators is itself wonderful to behold. The other day, President-elect Trump took time off from forming his new administration to travel to South Texas with Musk to observe another test launch of Starship, and why not? Rockets are an enduring object of human fascination, and Space X is bringing an appropriate sense of brio to one of mankind’s coolest ventures . Modern rocketry is the product of a couple of centuries of human thought and ingenuity, from the 13th century when the Chinese used “arrows of flying fire” to fight the Mongols, to Newton’s 16th-century work on the laws of motion, to the experiments of Robert Goddard early in the 20th century, to the advances driven by World War II and the Cold War. A rocket launch is literally spectacular. It is a feast for the eyes and an assault on the ears, as a tall, thin projectile is, after a controlled explosion, propelled upwards on a raging plume of fire. The iconic 1969 launch of Apollo 11 on the sleek, instantly recognizable Saturn V rocket emblazoned with the words “United States” in red lettering remains a thing of beauty, and a symbol of 20th-century technological achievement. A rocket is otherworldly in more than one sense. A car can be analogized to horse. A plane can be analogized to a bird. A rocket is like nothing in nature. And it promises to take us to worlds beyond our own, whether outer space, or the moon — or, if Musk can achieve his ambitions, Mars. There is an inherent risk to the enterprise, making it even more compelling. The countdown of mission control always holds a certain drama, and the announcement of “liftoff!” always carries a justified tone of triumph. Space X’s chopstick operation had a little of all of this. The returning rocket stage looked like a Roman candle flying in reverse, and it created visible — and then audible — sonic booms as it descended. It represented a new frontier in human achievement, since such a thing had never been done before. And, as it hovered above the tower, the success of the test remained in doubt until it nestled in the metal arms. In engineering terms, it was like watching a skater land a quadruple axle. When Musk was with Trump and demonstrated how the latest Starship test would work with a model in his hand, he looked every bit a boy smitten with the adventure of rocketry and eager to share his enthusiasm. That, in large part, is what Musk is, but no one should mistake the seriousness of his achievements. For all that rockets are emblems of the future, there was a decades-long period of stagnation in launch costs until Musk came along and revolutionized the business with his entrepreneurial mindset. Now, launch costs have radically diminished and Musk alone operates 10 times more satellites than any other country or company, according to Ars Technica. The tests of Starship, the world’s largest and most powerful rocket, are the latest iteration of Musk’s approach of rapid innovation toward the goal of sending men to the moon again, and then Mars . It is an expression of a basic human instinct for exploration and adventure, with the rocket its symbol and vehicle. Twitter: @RichLowry
