Bulgarians Live in Crisis but without Fear of Disaster - Poll

Business | April 22, 2009, Wednesday // 13:00|  views

The independent economic experts from Macro Watch recommend speeding up the EUR adoption as one of the measure to counter the negative effects of the global financial crisis in Bulgaria. Photo by Sofia Photo Agency

The global financial crisis is a fact in Bulgaria, the banks managed to survive, and Bulgarians want a significant political change.

These are the main conclusions from a poll conducted by the Macro Watch group, created by a project of the Open Society Institute in Sofia.

The poll shows that the crisis is felt in the country and is expressed by the double-digit reduction of the industrial production, of imports and exports, while the influx of foreign capitals is slowing down, the unemployment is on the rise, the State budget has less revenue and the current account deficit is shrinking.

The stability of the banks is shown as a positive trend along with diminishing inflation, and a still significant foreign capital entry.

For the last quarter of 2008, Bulgaria shows positive and the highest economic growth in the EU, the Macro Watch experts declare.

The Open Society Institute poll further shows growing pessimism in the country regarding the state of the economy along with growing trust of the financial system.

Since October of 2008, the number of people who expect a worsening of the local economy has grown from 42% to 54%, while those who expect an unemployment increase have doubled - from 20% to 44%.

In the same time, the percentage of Bulgarians, who support the currency peg increased to 55% (from 45%) and the trust in the stability of the banks jumps from 27% to 48%.

The Cabinet's anti-crisis measures are not very popular among Bulgarians, the poll shows. Only 14% support them while 16% disapprove and a staggering 68% either don't know about them either think that no measures have been undertaken.

The independent economic experts from Macro Watch recommend preserving the currency peg and the budget stability, speeding up the EUR adoption and eliminating the obstacles for the flexibility and adjustment of the local economy.


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Tags: Global Financial Crisis, Open Society Institute, currency peg, EUR, financial stability


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