Source: Xinhua| 2017-06-05 22:28:52|Editor: MJ

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BUCHAREST, June 5 (Xinhua) -- The World Bank on Monday raised its projections for Romania's economic growth from 3.7 to 4.4 percent in 2017.

In its report regarding Global Economic Prospects, the bank upgraded its formal forecast on January for the eastern European country for the current year. Moreover, it revised upwards by 0.3 percentage point the estimations for 2018 and 2019, when Romania's GDP is to increase by 3.7 percent and 3.5 percent respectively.

Romania's gross domestic product (GDP) expanded at an annual rate of 5.7 percent in the first quarter of 2017 compared with the same period of the previous year, ranking the first in the European Union (EU) countries.

The Romanian government forecasts an economic growth of 5.2 percent and based its budget for the current year on the growth rate.

Other international financial institutions are also optimistic about Romania's economy this year and upgraded their economic growth forecast for the country in their latest reports.

In its April edition of its World Economic Outlook, the International Monetary Fund revised up Romania GDP forecast in 2017 from 3.8 to 4.2 percent.

While early May, the European Bank for Reconstruction and Development increased its projections for Romania from 3.7 to 4 percent, the highest growth level among the European states in which the financial institution operates.