As before, these solid growth rates are a consequence of the growth of the activity of the foreign facilities, the announced new foreign investments, with some of them expected to employ a larger number of people, but also the expected additional fiscal impetus in infrastructure. Their positive secondround effects are expected to continue to be felt in the labor market by increasing the demand and price of labor. Current projections show room for growth in the number of employees and the nominal wages of around 3%. Partial effect on the wage growth is expected from both the realized and the announced increase in the wages of the public administration. Under such assumptions, our projections show that domestic demand will be a source of economic growth, while net exports would have a negative contribution. By the end of the time horizon of the projections, there are assessments for gradual balancing of the growth structure, with a gradual reduction of the negative contribution of net exports. Consumption and investment decisions of the entities are still expected to be financially supported by domestic banks. The performances of the credit market in 2014 are better than our initial expectations, and lending surveys show that these performances are a combined effect of the growth of both the supply and the demand for loans. These performances and the assumptions about the movement of the sources of funding for banks indicate credit growth in 2014, which is assessed at 8.7%, and its acceleration to 9% in 2015 and 10% in 2016.
Since 2010, the cumulative positive effect of these companies on the trade balance is about Euro 200 million, or 2.6% of GDP. This reduces the external vulnerability and improves the risk profile of the country and its foundations. The raised technological level, the increase in manpower, the improved access to capital, the spillover effects on domestic companies (which is already visible in our country), the absorption of the workforce, are also significant favorable effects. In the medium term more positive effects should be expected. The second key factor that significantly contributes to achieving solid rates of economic growth is the fiscal stimulus, through the increased number of investments in infrastructure projects. Large investments in road, rail and energy infrastructure are, on the one hand, an important impetus for growth in the short run, while on the other, they improve the competitiveness of the economy and contribute to the increase in the potential growth. The public sector share in the investments during the crisis has increased (from 20% in 2007 to 34% in 2010), offsetting the smaller investments from the private sector and providing positive stimulus for the economy. It is expected that Government’s announcements of infrastructure projects will continue to provide significant support for the growth in the medium term. What is also important is that the growth in recent years has created preconditions for improving the conditions in the labor market.