Bulgarian Analyst: No Signs of Foreign Investments Recovery

Georgi Stoev from Industry Watch predicted a second bottom of the economic crisis. Photo by 24 Chasa

There are no indications that the flow of foreign direct investments to Bulgaria is on the increase, according to analyst Georgi Stoev from the Sofia-based consultancy Industry Watch.

Stoev pointed that in the first seven months of 2010 Bulgaria attracted 20 times smaller FDI that it did in the same period of 2009.

He told the Bulgarian National Radio he did not share the view the national economy had already seen the worst part of the economic crisis, and is recovering.

Stoev believes that the crisis in Bulgaria will most likely have "a second bottom", and there is no way of predicting if it would end by the end of 2011 or would last for years.

"The big question is when the influx of foreign investments will recover. Now, the unemployment rate traditionally decreases in the summer because of the seasonal jobs; but let me also remind you that in 2009 we did not see even a seasonal decrease of unemployment," explained the analyst.

He did criticize the Bulgarian government for shifting the weight of economic and social responsibility over to the syndicates and the employers organization as part of the talks in the council for three-partite cooperation.

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