Two regions in Romania among best-performing in Europe

The North-West and Bucharest-Ilfov regions in Romania are among the best-performing in Europe, according to Milken Institute’s inaugural Best-Performing Cities: Europe 2017 index, which uses outcomes-based metrics including job creation, wage gains, manufacturing, and skilled service industry concentration to evaluate the relative performance of European regions, says Romania-Insider.com.

Inner London-East, with its dynamic economy, flourishing information and communication technology sectors, and skilled international workforce is Europe’s best-performing city, according to Milken Institute. Sweden’s Stockholm comes next, followed by Budapest in Hungary, and Pomorskie in Poland (which includes Gdańsk).

The North-West (Nord-Vest) region in Romania is fifth in the ranking. Among its advantages, there are the local universities, including the Technical University in Cluj-Napoca, which are raising the share of the working population with tertiary education, as well as the new opportunities that are being created in growing high-tech services industries.

“The high-tech services sector is very small. Its rapid growth in this area, easier off a small base, contributed to the region’s high overall ranking. This was not the Nord-Vest region’s only strength; job growth over the past five years ranked tenth among large regions and one-year wage growth at just under 5 percent ranked sixth. However, employment gains in 2016 were significantly weaker, ranking in the bottom quartile for large cities,” reads the report.

Meanwhile, the Bucharest-Ilfov (Bucuresti-Ilfov) region ranks 16th out of 20 regions included in the ranking. This region’s advantages include a strong high-tech service sector poised for continued expansion, and well-educated workforce, with 31 percent holding a tertiary qualification. However, the main disadvantage is the working-age population limited by slow population growth and lack of in-migration.

 

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