Bulgaria Finance Minister Predicts Difficult 2010

Bulgaria Finance Minsiter, Simeon Djankov, has stated that he believes Bulgaria will come out of the financial crisis it is currently suffering in spring.

Djankov said that despite the fact that Bulgaria’s economy will start to improve in the spring there will still be a difficult few months after, BNT reported.

“From a fiscal perspective, based on preliminary data, Bulgaria finished the year with the lowest deficit in the entire European Union,” added Djankov. He continued that the current aim is to push the economy forward by collecting taxes and providing due payments to farmers and building firms.

Regarding tourism he predicted the sector would have a better year in 2010 than last year but he said the construction sector would have a tough year and that 2011-2014 would not see much improvement for the building industry.

Djankov stated that unemployment is expected to continue to grow all year, reaching just under 11% by the end of the 2010 even with a new center-right GERB government drive to create jobs.

He concluded by saying that the government will create a firm policy to make Bulgaria a “center for foreign investment” and he suggested that banks will start providing businesses with more credit in a few months.

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