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| IMF Sees Bulgarian Economic Growth at 0%-0.4% in 2010 | ||
| Tuesday, Oct 05, 2010 | ||
| The International Monetary Fund expects Bulgaria's economy to grow from 0% to 0.4% in 2010 as the country is going through its first recession in twelve years. The Washington-based lender projects this year's inflation to be moderate, while the current account deficit is expected to fall below 3% of gross domestic product, Catriona Purfield, IMF's new mission chief, said in Sofia on Monday after a two-week review. According to IMF experts Bulgaria's economy will gain momentum next year and may expand by 2%-2.5% on an annual basis. Bulgaria aims to have a budget deficit of 2.5% of gross domestic product and a growth of 3.6% in 2011, according to the budget draft. The economy contracted by 5% in 2009. 'Bulgaria is benefiting from stronger exports and the economy is poised to stage a gradual recovery,' the IMF said in a statement. 'Recouping the shortfall in tax collection seen through August by the year end will be challenging and shortfalls may occur. Safeguarding the 2010 deficit target will therefore require strong spending control,' the Fund said. The IMF said it approves the fiscal policy of the government and called on it to keep the tight control over spending this year to make up for a lower than expected flow of tax revenues. The government targets a deficit of 4.6% of GDP in 2010. The visit of a mission of the International Monetary Fund to Sofia, which started on September 23 and featured regular bilateral discussions on economic policies with the Bulgarian authorities, ends on Monday. The mission was headed by Ms. Catriona Purfield, who has recently assumed mission chief responsibilities for Bulgaria. This was Ms. Purfield's first visit to the country. Mr. Tonny Lybek, IMF's Regional Resident Representative in Bulgaria and Romania participated in the meetings as well. The mission met with officials from the Ministry of Finance, the Bulgarian National Bank, other governmental agencies, as well as representatives from the private sector, including banks and industry, unions, and non-government organizations. Bulgaria's seasonally adjusted gross domestic product marked an increase of 0.5% in the second quarter compared to the first three months of the year thanks to a rise in exports, pulling the country out of recession, the prime minister announced earlier this week. At the beginning of March the International Monetary Fund projected Bulgaria's budget deficit to stand at 1,8% of gross domestic product this year, which totals nearly BGN 1,2 B. The Washington-based global lender forecast this year's inflation at 2,2%, economic growth at 0,2%, and the current-account gap at 5,5%. A month later however the center-right government dropped its plans for applying for ERM II after raising the alarm that the 2009 budget gap was 3.7% of gross domestic product rather than the 1.9 % due to unaccounted procurement deals. The European Union's poorest country is currently going through its first recession in 12 years after a three-year lending boom stalled and foreign investments dried up. Earlier this year, the government adopted a package of austerity measures, freezing public pays and pensions in a bid to reduce the bloating deficit. It revised up to 1% its economic growth forecast for this year, pinning its hopes on increasing exports. |
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| Source: novinite.com | ||
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