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Sat, Feb 11 2012
Global economic recovery to lose more steam – economists
Photo: Reuters
The world’s developed economic powerhouses on which producers and exporters from countries like Bulgaria pin their hopes will come out of troubled waters much slower than expected and central banks will have to keep interest rates low at least until the final months of 2011.
This is the consensus of 250 economists polled by Reuters, according to figures released on September 8 2010.
The good news is that the experts say there is a just 20 per cent likelihood of a double-dip recession.
However, for the third consecutive month, worse-than-expected job and manufacturing numbers are forcing analysts to lower expectations for recovery in the US, the world’s largest economy.
They anticipate an increase of no more than 2.7 per cent in 2010 and 2.4 per cent in 2011.
In the European Union (EU), the burden of sky-high unemployment of about 10 per cent, the fragile property market and budget spending cuts continues to weigh.
This will slow down growth in the euro zone and the UK to no more than a paltry 0.2 per cent to 0.4 per cent a quarter in 2011. The EU is expected to close 2010 with a 1.5 per cent rise and a further 1.4 per cent in 2011.
"Some of the strength of activity in Q2 was due to exceptional temporary factors that are not likely to reoccur ... but at current levels, survey indicators continue to point to solid enough growth in Q3," said Klaus Baader at Societe Generale.
His colleagues are even more worried about the growing gap between countries like Germany and a group of countries like Bulgaria, Greece and Hungary, which are still struggling with recession.
Yesterday’s unexpected slump in exports and almost zero industrial growth in Germany for July stoked fears that the EU’s main economic engine seems to be losing speed.
Analysts are divided in their jobless forecasts, with almost half saying it has not hit its peak yet and will average at 10.2 per cent in 2011.
Still, Reuters does not expect unions to exert serious pressure on governments as Europeans are aware of the need to tighten the purse strings. The only question is whether there will be an outburst of protests by young people, for whom jobs are the hardest to land.
Source: Dnevnik.bg
This is the consensus of 250 economists polled by Reuters, according to figures released on September 8 2010.
The good news is that the experts say there is a just 20 per cent likelihood of a double-dip recession.
However, for the third consecutive month, worse-than-expected job and manufacturing numbers are forcing analysts to lower expectations for recovery in the US, the world’s largest economy.
They anticipate an increase of no more than 2.7 per cent in 2010 and 2.4 per cent in 2011.
In the European Union (EU), the burden of sky-high unemployment of about 10 per cent, the fragile property market and budget spending cuts continues to weigh.
This will slow down growth in the euro zone and the UK to no more than a paltry 0.2 per cent to 0.4 per cent a quarter in 2011. The EU is expected to close 2010 with a 1.5 per cent rise and a further 1.4 per cent in 2011.
"Some of the strength of activity in Q2 was due to exceptional temporary factors that are not likely to reoccur ... but at current levels, survey indicators continue to point to solid enough growth in Q3," said Klaus Baader at Societe Generale.
His colleagues are even more worried about the growing gap between countries like Germany and a group of countries like Bulgaria, Greece and Hungary, which are still struggling with recession.
Yesterday’s unexpected slump in exports and almost zero industrial growth in Germany for July stoked fears that the EU’s main economic engine seems to be losing speed.
Analysts are divided in their jobless forecasts, with almost half saying it has not hit its peak yet and will average at 10.2 per cent in 2011.
Still, Reuters does not expect unions to exert serious pressure on governments as Europeans are aware of the need to tighten the purse strings. The only question is whether there will be an outburst of protests by young people, for whom jobs are the hardest to land.
Source: Dnevnik.bg
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Appointments
British Council
Lyubov Kostova was appointed country manager of British Council Bulgaria effective January 1, replacing Tony Buckby, who left in October 2011 to take a similar position at British Council Greece. Kostova has been with British Council Bulgaria for 11 years, as public communications manager and, since 2008, as the head of project and partnerships department. Prior to joining the British Council, Kostova was head of international activities at the National Academy for Theatre and Cinema Arts (NATFIZ). She has a degree in Indian studies from Kliment Ohridski Sofia University.
CEZ
Stefan Apostolov is the new chief executive of CEZ Razpredelenie Bulgaria, the power transmission subsidiary of Czech energy company CEZ in the country. He replaces interim chief executive Ales Damm, who remains the chairperson of the CEZ Razpredelenie management board. Apostolov has 30 years of experience in the energy sector, joining CEZ in 2007 as director of customer service and was later appointed as head of business development. Apostolov has a master's degree in electric systems from the Belorussian National Technical University in Minsc, management diplomas from Open University London and New Bulgarian University, as well as a master's degree in business administration from Plovdiv University.
BASF Bulgaria
Valentina Dikanska is the new general manager of chemical industry giant BASF subsidiary in Bulgaria, taking over from Herbert Fisch, BASF vice president for Southeastern Europe. Dikanska, who started her career as an expert in the Finance Ministry, joined BASF Bulgaria as director of finance and administration in 2002. She becomes the first Bulgarian to hold the top management position in the company in its 40-year history on the Bulgarian market. Dikanska holds a master's degree in economics from the University for National and World Economy in Sofia.
Rompetrol Bulgaria
Alexander Albin has been appointed chief executive of fuel distributor Rompetrol Bulgaria, replacing Nichita Sorin, who left to become chief executive of Rompetrol Gaz in Romania. Albin was previously chief executive of Rompetrol Georgia. He has more than 15 years of experience in the oil and gas industry; prior to joining Romania's oil group Rompetrol in 2008 as an adviser, he oversaw operations at Atyrau refinery in Kazakhstan, owned by Rompetrol's parent company KazMunaiGaz. He previously held top management positions at two other leading Kazakh oil and gas companies.
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Whats going on here the country is on its knees and dead in the water, all europe agree to stimulate growth and survival banks need to keep lower interest rates, and what happens here nothing, Boikov ok though out play tennis and football a bit like Nero playing the fiddle while rome burned