Friday, 24 April 2009

Tougher Times Ahead Forecast For Bulgaria

International Monetary Fund

In a world recession it is no surprise that the economic forecast is painted bleak for Bulgaria. I think that many other countries in this world with a simliar foundation would also have the same predictions put on them. I feel this is a bit of news for the sake of it.

IMF sees Bulgaria economy shrinking, urges prudence

* IMF says Bulgaria economy is already contracting

* Sees GDP declining 3.5 percent in 2009, 1.0 percent in 2010

* Forecasts budget deficit unless spending cuts are made

* Fiscal surplus needed to bolster currency board
Bulgaria's growth of about 6 percent annually in the past few years has come at the expense of a huge current account deficit and private foreign debt, making the country exposed to the global cash squeeze.
The IMF said Bulgaria had considerable foreign currency and fiscal reserves and its banking system had remained stable due
to its prudent policy in the past few years.

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