IMF sees Bulgaria’s GDP growth at 1.6% in 2014; up to 3% in the mid-term The International Monetary Fund (IMF) projects that Bulgaria’s economic growth will accelerate slowly from about 1.6% in 2014 to up to 3.0% in the medium-term, the fund said last week. Growth would be underpinned by recovery in trading partners and high domestic demand, including through EU funds spending. Income convergence with other EU countries would be, however, only gradual. Bulgarias government should build support for the reforms it needs to undertake, which, according to the fund, would be a challenge in the difficult political context. IMF officials said Bulgarias state budget for 2014 is achievable and consistent, maintaining prudent debt levels, but revenues are an ambitious target. While the recently announced South Stream project provides possible revenue upside, revenue may underperform if domestic demand recovery is slower than projected, gains from administrative reforms are lower than budgeted, or, as projected by the mission, inflat ion remains subdued. Thus, expenditures may need to be restrained to achieve the deficit target. Source: SeeNews; FFBH
Posted on: Mon, 18 Nov 2013 11:05:55 +0000
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