Monday, 29 June 2009

A Black Winter Ahead For Bulgaria

It looks like another winter of discontent for Bulgaria coming up according to this report. This is something that Bulgaria is used to and get through even though the suffering goes on. Last year we had no gas, hopefully this won’t happen this winter. I don’t think painting a black financial picture helps business confidence either. If it is bad news why don’t these so called financial forecast gurus just keep their mouth shut, better still, get another job that is more constructive!

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The global economic crisis will reach its peak in Bulgaria in January and February next year, said Bozhidar Danev, Chairman of the Bulgarian Industrial Association (BIA), in an interview with the Focus news agency yesterday.
"The effects of the economic meltdown will worsen in the winter, when the expenses of the companies and the households will grow and some more effective measures will have to be taken," he said.
To his words, domestic consumption has fallen considerably, judging by the lower collectibility of some taxes. Mr. Danev went on to say that over the next few months more Bulgarian companies will go bankrupt.
Statistical data show that 160 Bulgarian firms have already gone out of business.
"Providing a financial resource of 500 m levs for the small and medium-sized businesses from the Bulgarian Bank for Development has been a good anti-crisis move of the government, but the funds are absorbed very slowly," he said in conclusion.

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