The confidence of the business environment in Romania collapsed in 2025, shows an AmCham survey / What are the prospects for next year
The perception of the investment and business climate in Romania deteriorated significantly in 2025, amid political instability, macroeconomic pressures and fiscal unpredictability, according to the results of the seventh edition of the annual survey on the business climate carried out by the American Chamber of Commerce in Romania (AmCham Romania).
However, in the medium term, companies maintain their confidence in Romania's potential and continue to plan investments and expansion of activities.
According to the survey, only 21% of companies still rate the business climate as good or very good, down sharply from 45% in 2024.
The level of confidence thus fell below that of 2020, the year marked by the recession and the uncertainties generated by the Covid-19 pandemic.
Even in this context of declining confidence and slowing economic growth, the commitment of AmCham member companies to Romania is reflected in maintaining a positive perspective on the investments that will be made in the next 12 months, as well as the development and consolidation of businesses in the medium term.
The data reflects the perception of the private sector from May 2024 to October 2025 and includes the responses of 204 AmCham member companies, large, medium and small taxpayers.
Difficult political and economic context
AmCham emphasizes that the decline in confidence is the result of the accumulation of factors that have marked the last years: a 2024 dominated by electoral cycles, the deterioration of macroeconomic indicators, the temporary risk of downgrading the country's rating and the prospect of suspending European funds, as well as the adoption of recovery measures focused predominantly on taxation, to the detriment of structural reforms in the public administration.
“All these challenges, superimposed over a prolonged period of crises and transformations at the European and global level, led, in October 2025, to a perception of the business climate below the levels recorded in the year of the pandemic. The good news is that investors retain their confidence in Romania, provided that the reform trajectory is maintained and some harmful fiscal measures are returned, such as the minimum turnover tax (IMCA),” said Vlad Boeriu, the president AmCham Romania.
65% of companies want to invest
Even in the context of the sharp deterioration in perception, AmCham member companies are maintaining their investment plans. Thus, 65% of the respondents intend to invest in the next 12 months, and the same percentage has in mind the expansion of activities in Romania in the next three years. These intentions reflect the expectation of a medium-term economic recovery, supported by the implementation of reforms and investments from the National Recovery and Resilience Plan (PNRR).
Romania continues to be viewed by most companies not as an opportunistic market in the short term, but as a strategic one for business consolidation in the medium term.
Competitive advantages and weaknesses
Membership of the European Union (87%), NATO membership (62%) and the quality of human capital (56%) remain the main anchors of trust for investors. Conversely, the competitiveness of the tax system registered the greatest depreciation, being mentioned by only 13% of respondents, compared to 33% in 2023, against the background of the introduction and maintenance of some tax measures considered distortive.
The least appreciated market conditions are the predictability of investment conditions (83%), the reliability of public policies (77%) and the slow pace of debureaucratization and digitization of the administration (72%). Although transport infrastructure remains at the top of complaints, the perception has improved compared to previous years, on the back of investments in the motorway network.
In contrast, human capital and digital infrastructure are the most highly rated market conditions, both with over 50% positive ratings.
2026 is crucial for Romania's trajectory
AmCham considers 2026 as a crucial year for Romania's trajectory, given the absence of electoral pressure. Business priorities include continuing efforts to join the OECD, maximizing the absorption of PNRR funds until the end of the program in August 2026, and early involvement in defining the next European financial framework 2028–2034.
At the same time, the companies request structural reforms assumed cross-party, the fight against corruption and tax evasion, the acceleration of the digitization of the public administration, fiscal predictability and a coherent economic policy, capable of restoring the confidence of investors and international partners.
“2026 comes with the unique chance to be a reset year for Romania. The way we capitalize on this opportunity will influence Romania's prosperity, security and competitiveness in the long term,” concluded Vlad Boeriu.
The American Chamber of Commerce in Romania is one of the most representative business associations in the country, bringing together approximately 600 companies with cumulative investments of over 30 billion dollars.
