Bulgaria Economy to Improve in 2010 Thanks to German Recovery

The BNB expects a 0,5% growth of the Bulgarian economy in 2010. Photo by Sofia Photo Agency

The Bulgarian economy is going to improve substantially in 2010 overcoming the economic crisis effects thanks to the recovery in Germany and Western Europe in general.

This is the opinion of the Deputy Governor of the Bulgarian National Bank, Dimitar Kostov, as cited by the economy newspaper Pari Daily.

Kostov believes that Bulgaria’s manufacturing and exports are going to stabilize as a result a result of the economic recovery in Germany, which is Bulgaria’s largest trading partner.

The BNB Deputy Governor has pointed out that the economic forecasts of the International Monetary Fund and the European Commission for Bulgaria were very pessimistic. The Bulgarian central bank forecasts that the country’s GDP will grow by 0,5% in 2010.

The IMF forecast is that the Bulgarian economy will shrink by 6,5% in 2009, and by 2,5% in 2010. Bulgaria’s Finance Ministry expects a decline of 6,3% in 2009, and 2% in 2010.

We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!