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CONFIDEX, 12th Edition: A shift in attitude among Romanian managers: the global economy is losing ground
Confidence index remains stable, but managers are more cautious. Services and Energy, the most optimistic sectors
- Economic confidence remains steady: the CONFIDEX index for H1 2025 stands at 51.3, almost identical to H2 2024 (52).
- Managers are pessimistic about the global economy – 64% believe it will worsen. However, 42% remain optimistic about the future of their own companies.
- 95% of managers call for investments in the national economy, and 58% highlight the need for alternative financing sources. Investor sentiment remains positive: 81% see them as essential for stability and sound business management.
- The Services and Energy sectors are the most confident, in contrast to Agriculture and Transport, which look ahead with caution.
Bucharest, April 15, 2025 – Romanian entrepreneurs are walking a fine line between optimism and concern. They feel the pressure of an increasingly unstable global context, yet rather than panicking, they lean on past experience and their adaptability.
The 12th edition of the CONFIDEX study, supported by private equity funds ROCA and Agista, as well as CITR – Romania’s leading insolvency and restructuring firm – conducted on a sample of over 500 top managers, confirms this mixed sentiment: 64% of managers expect the global economy to deteriorate, yet 42% believe their own company’s situation will remain stable, and 26% foresee improvement. The caution is real – but not paralyzing. In Romania, the business environment seems to have learned to operate amid uncertainty, pressing forward even when clarity is lacking.
The CONFIDEX index for H1 2025 stands at 51.3 – a level close to the end of last year (52) – signaling a state of watchfulness, yet also suggesting that Romanian businesses are still “holding the line” in a complex landscape.
According to the CONFIDEX H1 2025 results, companies in the services sector are the most optimistic, with a confidence index of 52.7, followed closely by IT (52.9). On the other hand, agriculture shows a more cautious attitude (index: 45.7), reflecting the growing challenges within the sector.
“Romanian entrepreneurs show strength and adaptability. For the third consecutive semester, confidence in the economy remains steady – a clear sign that the business community has learned from recent years. CONFIDEX points toward a clear direction: we need an ecosystem that fosters growth and attracts capital in areas where it can truly make a difference. While the global context becomes more unstable, Romanian companies seem to have developed the antibodies needed to keep going, even in turbulent times. The traditional approach is no longer viable. What’s encouraging, though, is that more and more Romanian entrepreneurs want to unlock the market’s potential, especially if the investment ecosystem supports their efforts. Behind this resilience lies a growing clarity of vision: the need to build sustainable businesses that not only respond to the present but help shape Romania’s economic future,” said Andrei Cionca, co-founder of private equity funds ROCA and Agista and initiator of the CONFIDEX study.
In times of uncertainty, entrepreneurs turn to investors
With 81% of respondents expressing trust in investors, managers and entrepreneurs see a growing need for their role in the economy. 32% of managers say they would need financial support from investors, seeing them as valuable partners not only for financial stability but also for shaping business strategies that help navigate current challenges and scale operations. 72% of respondents recognize investors’ significant contribution to the financial resilience of the companies they support.
“Private investors play a key role in the development of the Romanian economy, especially now, as challenges multiply. Entrepreneurs know that a good investor means more than capital – it also means vision, experience, and partnership. Their support can be the difference between stagnation and growth. However, it’s crucial to approach this relationship with care. The myth that investors seek only quick profits still persists, creating a barrier. That’s why partnerships based on trust and shared goals are essential for healthy and sustainable growth,” explained Andrei Cionca.
Where opportunities arise:
Sales growth and improving client relationships are key business priorities
The results of the 12th CONFIDEX edition reveal a general sense of caution regarding the current economic context, shaped by uncertainties and risk. Most managers (57%) forecast rising inflation, while 39% expect Romania’s GDP to decline in the coming months. These concerns are compounded by expectations of rising unemployment (49%) and a depreciation of the Romanian leu against the euro (54%).
When it comes to the evolution of their own business, 41% of managers report deterioration over the past 6 months, and half of them believe the situation will worsen in the short term. At the same time, perceptions of macroeconomic performance have also declined: 79% believe the global economy has worsened, and 72% share the same view regarding the European economy.
Managers continue to focus closely on operational costs, with 73% anticipating increased production and running expenses over the next six months – a factor likely to affect pricing strategies. Looking ahead, managers are focused on safeguarding and developing their businesses. Key priorities highlighted in the 12th CONFIDEX edition include improving customer relationships (29%) and increasing sales (47%), alongside diversifying investments.
Product diversification continues to be perceived as the main opportunity, with 23% of managers emphasizing its importance. This opportunity spans sectors such as industry, construction, retail/FMCG, and energy. Other top opportunities include easier access to international markets (15%) and digitalization/technological advancement (13%). While these are typically associated with the IT sector, all industries recognize the potential to boost productivity through automation. Other relevant opportunities include investment growth (12%) and attracting new clients (11%), both showing a slight increase compared to H2 2024. There’s also a noticeable improvement in how companies perceive demand stimulation: nearly 10% believe that reducing uncertainty could open up new growth avenues.
CONFIDEX, backed by private equity funds ROCA, Agista, and CITR – the leader in Romania’s restructuring and insolvency market – is the only longitudinal study in Romania that measures business confidence and captures the challenges faced by the local business environment. Now in its 12th edition, the study has become a reference tool for business decision-making.
Over the past five years, CONFIDEX has offered a clear perspective on the sentiments of Romanian business leaders. By extrapolating trends, the study provides a valuable tool for better understanding the times we live in and for making well-informed decisions with a positive impact on business and society.
More than 4,500 entrepreneurs and C-Level executives have contributed to CONFIDEX across 12 editions, helping define critical benchmarks for the Romanian economy – especially valuable in the uncertain times we are navigating. This 12th edition alone saw participation from over 700 managers and entrepreneurs across Romania.
