Bulgarian Economist: We will be Impoverished by another 10% if Wages do not Increase

Finance | March 14, 2022, Monday // 12:33|  views


“We have been in a situation of high inflation for 8 months, people have been impoverished since August, and there will be another 10% impoverishment if wages do not increase. I am not surprised by the sunflower oil queues, many people have low incomes. I believe that it is not speculation, but a consequence of the inflation process. Prices of fat are really moving up. Inflation on an annual basis will be in double digits - about 12%. We аре heading into a recession. Stoyan Panchev, an economist, told Nova TV.

According to him, it should be seen whether there is a cartel - only in some stores there is a high price or it is everywhere. Regarding the sanctions against Russia, the expert believes that this is a process of deglobalization. “A new Iron Curtain is emerging, dividing the West and the East,” he said.

For his part, Preslav Raykov, a financial analyst, said that the effect of the military crisis will not be felt so quickly, and the effect of sanctions will be felt for a period of 6 months to 1 year. “Removing Russia from the IMF would deprive it of external support in the event of bankruptcy. For citizens, this means a deterioration in living standards. The financial transactions of the Russians will be difficult,” he predicted.


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Tags: Bulgaria, wages, economy


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