FinMin: Bulgaria Is EU’s 4th Fastest Growing Economy!

Finance | November 10, 2011, Thursday // 16:44|  views

Djankov stated that the recent developments in Greece and Italy suggest his country's budget could become even more conservative. Photo by BGNES

Bulgaria is the 4th fastest growing economy in the EU, the country's Finance Minister Simeon Djankov pointed out on Thursday, referring to the Economic Forecast of the European Commission unveiled earlier that day.

Even if there is a decline in Bulgaria's economy, which would be inevitable in case Western Europe goes into recession, Bulgaria's budget for 2012 would be sufficient, Djankov stated.

Speaking during a joint sitting of the economy and budget commissions in Bulgaria's Parliament, the Finance Minister explained that the draft budget for 2012 is conservative and is based to function with an economic growth of 1%.

However, Djankov stated that the recent developments in Greece and Italy suggest his country's budget could become even more conservative.

"Until recently, we believed the budget was conservative, but now it seems optimistic," Djankov commented on Thursday, as cited by the Dnevnik daily. He called on everyone to take into consideration what is happening in the European Union.

It will be announced next week whether changes with be made to Bulgaria's draft budget between its first and second readings in order for it to become more sustainable in case economic forecasts worsen, the Finance Minister also revealed.

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Tags: economic forecast, draft budget, state budget, Simeon Djankov, economy, greece, Italy

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