Posted by: mulrickillion | December 27, 2011

Press Release: Conclusions of the 2011 Regular IMF Staff Visit to Bulgaria Sofia, December 9, 2011

Press Release No. 11/456
December 9, 2011

A team from the International Monetary Fund (IMF) led by Catriona Purfield visited Sofia December 1–8, to hold discussions with the Bulgarian authorities about recent economic developments and government policies. At the conclusion of this regular staff visit, Ms. Purfield made the following statement:

"In spite of good policies, the recovery in Bulgaria has been hurt by the economic slowdown and ongoing uncertainty in Europe. The way forward is to maintain prudent fiscal policies, enhance fiscal buffers to help weather any deterioration in conditions, and accelerate structural reforms to lay the foundations for stronger and more sustainable recovery in growth, job creation and incomes.

“The near-term economic outlook for Bulgaria has weakened. We are now projecting real GDP growth at 1.9 percent in 2011 and 1.3 percent in 2012, despite increased absorption of EU funds that is helping cushion the external headwinds. We project a small current account surplus for 2011, which will move to balance in 2012. Inflation is expected to fall below 3 percent in 2012. However, risks are titled to the downside, especially if the global outlook deteriorates further. If euro area uncertainties are resolved, there is potential for growth to surprise on the upside given strong precautionary savings.

“Fiscal policy remains on track to exit speedily the EU’s Excessive Deficit Procedure. . . .

Press Release: Conclusions of the 2011 Regular IMF Staff Visit to Bulgaria Sofia, December 9, 2011

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