Surviving and Thriving in the Global Economic Crisis: The Journey and Potential of the Romanian IT&C Sector

Abstract

We are living in a new, post-industrial age which is best described by all kinds of new information technologies. This new reality is leading all of us into the society of the future, a society of new knowledge. This statement also describes the present reality of Romania, and the upward trend of its information, technology and communication (IT&C) sector. Even with the negative impact of the recent global economic crisis on the overall Romanian economy, the IT&C sector not only found a way to weather the global crisis, but also propelled Romania into one of the top countries worldwide in this field. For the first time in Romania's economic history, the IT&C sector contribution to the economy (∼6%) surpassed all the other sectors, including those of agriculture and construction. The economic future of Romania looks bright; especially considering that globally, the technology sector is poised to grow faster than any other, and for this country the IT&C sector represents a very important competitive advantage. This article presents: (1) how the IT&C sector survived the economic crisis; (2) how it changed during the last couple of years, and (3) what the economy of this country will look like if Romania successfully doubles the growth of its IT&C sector, knowing that it already has become one of the most attractive nations for outsourcing because of its strong workforce talent.