Global value chains. A macroeconomic perspective. Trends in vertical specialization of Romanian industries

Romania is well endowed, and has a strategic position, which allows quick connections with worldwide partners. Additionally, it has well-established commercial trade flows, which in turn need to be intensified. Romania’s position on the GVCs was enhanced in 2011, compared to 2001, but there is still a long way until the national endowments will be efficiently used. There is a critical need for a change in the government policies to foster and encourage both domestic production and consumption.