Analysis of the Effect of Accessing the Community Funds for Financing Investments on Romania's Economic Growth

The development and growth of a country, whether or not a member of the European Union, depends on its investment capacity. Thus, we can discuss how Romania has used the Multi-Annual Financial Framework offered by the European Union to fully fund the new Member States of the Union. The authors focus on the re-presentation of Romania's first Multilateral Financial Framework 2007-2013 and the first half of the second one (2014-2020). Issues related to accessing the European funds, the share of European funds in the annual Gross National Product (GDP) achieved. Based on several indicators, we present a comparative analysis of how the Multi-Annual Financial Framework 2007-2013 was used and the first years of the second Financial Framework of the European Union by Romania and other European Union states. In the following, reference is made to the impact of European investment projects involving Romania on GDP growth. The extent to which Community funds are absorbed in the operational programs is also presented. The analysis is extended to the contracting stage on the three types of funds and the effect on the financing of small and medium enterprises in Romania.