Sat, Feb 11 2012

More trouble ahead for the Bulgarian economy

Thu, Oct 22 2009 11:00 CET

byDnevnik.bg

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More trouble ahead for the Bulgarian economy

The Bulgarian economy is yet to see the worst of the economic turmoil but still has several strong points over other countries whose currencies are pegged to the euro and downward rating revisions are hardly likely, UniCredit said in its latest report on the shape of the economy in Central and Eastern Europe.

Sliding property prices, coupled with mounting unemployment and tepid lending growth, will batter the Bulgarian economy, causing the gross domestic product (GDP) to hit the rock bottom in the second half of 2009. From the industrial sector, the crisis will spill into services. The economy might begin to recover at the end of 2010 or the beginning of 2011.

The Bulgarian economy will shrink by 2.5 per cent in 2010, UniCredit predicted. However, fiscal discipline combined with keen efforts by the new state administration to stamp out corruption and implement structural measures will prop up the country’s ratings, it said.

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Anonymous willem zuidhof Thu, Oct 22 2009 21:48 CET
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The informal survivaleconomy is growing fast and the growth in the formal economy, for instance in the real estate sector, is very much hindered by enforced regulation ,sharp rising costs and indecisiveness in the buraucracy.
Happily banklending is still minimal in Bulgaria and it should stay like that....


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