Voucher-based value added over 32 billion Romanian Lei to the country's GDP in the year 2023, according to research.
Valuable Vouchers Boost Romania's Economy and Jobs Market
Step inside the world of meal vouchers, holiday vouchers, gift vouchers, and cultural vouchers, and their transformative impact on Romania's economy and employment sectors!
Romania's GDP flourished with value vouchers contributing over RON 32 billion in 2023. These versatile vouchers, purchased by businesses and individuals, represent more than 2% of the national GDP. A study by Bucharest University of Economic Studies (ASE) reveals that value vouchers, from meals and vacations to gifts and cultural experiences, have significantly supported consumption, bolstered the economy, and created or maintained jobs.
The ASE study, which spans from 2020 to mid-2024, unveils a fascinating tidbit - every RON 1 spent through value vouchers generates an additional RON 2.91 for the GDP! This eye-catching finding was shared during a roundtable discussion, attended by government officials, parliament members, business leaders, and academics on March 19.
Professors Radu Mușetescu and Cristian Păun, the brains behind the study, underscored value vouchers' versatility as a policy tool, applicable across a wide range of public policy areas, including environmental protection, supporting SMEs, and promoting social inclusion. Păun even suggested expanding their use to programs like child subsidies or the "Cornul și laptele" program, which provides food to schoolchildren.
Bogdan Huțucă, president of the Budget, Finance, and Banks Committee in the Chamber of Deputies, underscored the importance of impact studies in shaping smarter public policies. He expressed interest in exploring solutions that positively impact Romania's economy.
Gabriela Horga, president of the Senate's Budget, Finance, Banking, and Capital Market Committee, highlighted value vouchers' crucial role in stimulating consumption, supporting employees, and boosting fiscal transparency.
The ASE study brought keen attention to value vouchers' influence on the labor market. Meal vouchers, accounting for 84% of the total value of issued vouchers, played a significant role in strengthening the wholesale and retail sector. For instance, each RON 436,828 spent through meal vouchers supported one job in these sectors, totaling approximately 128,197 jobs during the study period.
Holiday vouchers, amounting to RON 7.48 billion during the study, directly impacted Romania's domestic tourism and hospitality industries, sustaining nearly 40,000 jobs. Gift vouchers stimulated retail consumption, with every 1% increase in their value or number of beneficiaries contributing to slight rises in retail and wholesale trade.
Cultural vouchers, comparatively newer but growing in popularity, are starting to show their impact on industries like cinema, music production, and TV programs. The study suggests that a 1% increase in the value or number of cultural voucher beneficiaries could result in a 0.002% increase in turnover in the cultural sector.
In essence, value vouchers in Romania bring a plethora of benefits, stretching from GDP growth and consumption enhancement to employment creation and public policy goals like promoting social inclusion and business development. So, delve into these versatile instruments and join us in exploring how they're shaping Romania's economic and social landscape!
In the realm of Romania's economy, value vouchers, including those related to business sectors like finance, retail, and industry, have played a pivotal role in stimulating consumption, bolstering the GDP, and fostering employment. A study by Bucharest University of Economic Studies (ASE) revealed that, alongside meal vouchers, holiday vouchers, gift vouchers, and cultural vouchers, contributed significantly to the economy, supporting over 168,000 jobs, with each RON 436,828 spent through meal vouchers sustaining one job in the wholesale and retail sector.
