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IMF revises 2009 economic forecasts for Bulgaria

Fri, Jul 10 2009 14:29 CET byPetar Kostadinov 1720 Views 1 Comment
IMF revises 2009 economic forecasts for Bulgaria

IMF headquarters building in Washington, D.C.

The International Monetary Fund (IMF) has downgraded its gross domestic product (GDP) projections for Bulgaria for 2009, an IMF statement said on July 10 2009, following the update of the IMF's World Economic Outlook (WEO) forecasts.

"In line with other countries in the region, growth in Bulgaria has also been revised downwards. We now expect GDP to decline by seven per cent in 2009, compared to a decline of two per cent in the April IMF's WEO, and 3.5 per cent during the staff visit in April 2009," the statement said.

"Projections for 2010 have also been revised downwards, from one per cent in the April forecast, to 2.5 per cent in the recent forecast."

Growth in emerging Europe in 2009 has been revised sharply downwards, in large part reflecting worse than expected growth rates in the first quarter, including in their main export markets.

Real GDP in Central and Eastern Europe is now projected to decline by five per cent in 2009, compared to 3.7 per cent in the April WEO, but is expected to increase by one per cent in 2010, compared to 0.8 percent in the April WEO.

Global GDP growth is now projected to be 1.4 per cent in 2009, compared to 1.3 in the April WEO, and 2.5 per cent in 2010 compared to 1.9 percent in the April WEO.

However, this includes a deterioration of real GDP growth in the euro area, now projected at 4.8 per cent in 2009 compared to 4.2 in the April WEO, and 0.3 percent in 2010 compared to 0.4 percent in the April WEO.

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