Bulgaria PM Expects Pronounced Economic Growth by end-2014

Bulgarian Prime Minister Plamen Oresharski has expressed optimism that 2014 may be the first year with a more pronounced economic growth after five years of economic depression.

In an interview for Bloomberg TV and Bulgaria On Air TV, Oresharski drew attention to an upward trend in macroeconomic data by May, adding that there could be fluctuations in the data for June and July, but it was unlikely to reverse the trend.

He suggested that the economic growth of around 1.5% in the first quarter of the year was promising and that all of the prerequisites for a GDP growth of slightly over 2% for 2014 were there.

Oresharski, as cited by the Bulgarian National Radio (BNR), was adamant that Bulgaria’s banking system boasted one of the best liquidity and capitalization rates in the EU.

He gave a high estimate to the work of the socialist-led government, adding that it had managed to fulfill most of the commitments listed in the program in its one year in office.

As regards the tasks which were not fulfilled, he noted that the Cabinet had failed to launch key reforms in healthcare and administration.

He insisted, however, that the government had made serious preparations for these reforms and called on the next government to speed up work on these tasks.

Asked to comment in the challenges which Bulgaria was facing by end-2014, Oresharski highlighted the current political situation, saying that a caretaker government was to assume power soon, after which a new Cabinet was to begin its term in office at the end of 2014.

He admitted that these developments could cause fluctuations in the revenue part of the budget and put extra pressure on the expenditure part.

Bulgaria’s Prime Minister emphasized, however, that the risks threatening the implementation of the budget were manageable.

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