The perception of the business climate deteriorated significantly in 2025, amid multiple political, macroeconomic and microeconomic challenges, but in the medium term, companies' confidence in Romania and in business opportunities is maintained, shows the seventh edition of the AmCham survey on the investment and business climate offered by Romania in 2025.
At the same time, representatives of American investors consider that 2026 is a decisive year for Romania, for implementing structural reforms without the pressure of electoral stakes, joining the OECD, completing PNRR projects and promoting Romania's interests for the next EU financial framework (2028-2034).
According to the research, only 21% of companies still assess the situation as good or very good, compared to 45% in 2024, with confidence now even below the level of 2020, marked by recession and uncertainties generated by the Covid-19 pandemic. The business environment is experiencing fiscal and political uncertainty, which complicates medium and long-term planning, the cited source comments. The lack of predictability regarding public policies, uncertainties related to the results of long-awaited reforms, escalating pressures regarding the twin deficits, along with a series of external pressures and specific problems in certain economic sectors, are all likely to affect companies' prospects.
"The survey results are a snapshot of the period May 2024 - October 2025 and capture all the challenges that Romania, the business environment, but also the community of 600 American, international and Romanian companies, AmCham members, faced: a 2024 marked by all the electoral rounds; the deterioration of macroeconomic indicators, the temporary intensification of the risk of downgrading to the junk category by rating agencies and the emergence of the prospect of the suspension of European funds by the European Commission; a set of recovery measures that consisted mainly of fiscal measures, while public and administrative sector reforms materialized significantly slower compared to the expectations of the business environment. All these national challenges, superimposed on a prolonged period of crises and transformations at the European and global levels, led, in October 2025, to a perception of the business and investment climate under the levels recorded in 2020, marked by the pandemic."The good news is that, in the long term, investors retain their confidence in Romania, provided that the reform trajectory is maintained and the commitment to roll back harmful fiscal measures, such as IMCA, is respected," emphasized the president of AmCham Romania, Vlad Boeriu, in a statement.
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 outlook on investments to be made in the next 12 months, as well as on the development and consolidation of businesses in the medium term, the organization claims in a press release. Thus, 65% of the responding companies plan to invest in the next 12 months and 65% are considering expanding their activities in Romania in the next three years (while 31% expect them to remain at the same level).
For the next year, as shown by the survey responses, the business environment's priorities aim to firmly continue the steps towards joining the OECD, maximizing the attraction of funds available through the PNRR until the end of this program in August 2026, as well as preparing for the next European funding cycle, by getting involved in advance in defining the allocation criteria and priorities at the European Union level.
At the same time, Romania needs a stronger strategic positioning at the European and transatlantic levels.
Last but not least, the 2026 agenda must be defined by structural reforms undertaken cross-party, beyond electoral logic, in order to address the deep causes of the economic imbalances that have deteriorated Romania's macroeconomic situation, the cited source believes.
"Fighting corruption and tax evasion, accelerating the digitalization of public administration, especially tax administration, and reform and investment as basic conditions for consolidating human capital, still Romania's most valued competitive advantage, continuing infrastructure investments, predictability of investment conditions and defining a coherent economic policy are essential for restoring the confidence of the population, investors, creditors and international partners. In recent years, lack of consistency, inaction and frequent political changes have been obstacles to development. While other economies in the region have accelerated reforms and strengthened their competitiveness, Romania has developed below potential, and the traditional competitive advantages that put Romania on the investment map have eroded, without new ones being developed. In order to remain relevant in an increasingly competitive global economy, Romania must raise its level of ambition and build new advantages that will be promoted by a professional and efficient economic diplomacy, capable of attracting investments and promoting Romania on international markets," the statement said.
In this context, the President of AmCham Romania argues that 2026 comes with a unique chance to be a year of reset for Romania. The absence of electoral pressure creates a real opportunity to undertake and implement deep reforms, to accelerate investments and to consolidate Romania's position as a credible economic and strategic partner in the region, he explained.
"Regardless of whether we are talking about fiscal policy, education, health, digitalization, defense or justice, the reality of 2025, with all the developments, from January to December, confirms once again that postponing the resolution of the deep causes of the imbalances that have destabilized Romania only amplifies the negative effects in society and the economy and makes them more difficult and more expensive to correct. The way we capitalize on this year will influence Romania's trajectory, prosperity, security and competitiveness in the long term," explained Vlad Boeriu.
While the competitive advantages appreciated by investors are EU membership (87%), NATO membership (62%), the quality of human capital (56%) and market size (45%), the least appreciated market conditions include the predictability of investment conditions (83%), the reliability of public policies (77%), the slow pace of debureaucratization and digitalization of public services (72%), political stability (71%) and the fiscal framework applicable to companies (68%).
At the same time, the macroeconomic factors that pose the greatest risks for the Romanian economy are the increase in the deficit and the level of public debt, increasing from 59% in 2024 to 74% in 2025, political instability (69%) and the increase in the fiscal burden (64%).
With over 30 years of presence in Romania, the American Chamber of Commerce - AmCham currently brings together 600 American, international and Romanian companies, with cumulative investments of over 30 billion dollars in Romania.
AmCham member companies together provide over 250,000 jobs and generate a cumulative turnover of over 65 billion euros.
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