The GDP growth rate stood at 7.3% for the first half of this year and when the continuous increase of manufacturing and consumption related indexes are taken into consideration, the growth rate for the whole of this year is forecast to be as high as 8.8%.
And this places a distinct responsibility on the shoulders of member states, to create the preconditions that enable their economies to flourish within the EMU framework. Judging by various measures of economic competitiveness, including ease-of-doing-business and strength of the legal system, structural and institutional reforms remain necessary to stimulate potential growth.