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Bulgaria Economy to Grow by 1.5% in 2011

Tuesday, May 11, 2010

Given the scale of the headwinds facing the economy, Capital Economics has said they are sticking to its below-consensus forecast for the Bulgarian economy to contract by 1% this year and grow by 1.5% in 2011.
Bulgaria, Romania and Hungary are the eastern European nations whose financial markets are most exposed to contagion from the Greek debt crisis, Capital Economics said.
The European Commission said last week that Bulgaria’s economy is likely to start to recover towards the end of 2010 under the impact of the international cycle.
“Although the growth rate might be slightly higher than in other EU countries, in 2011 it should remain well below the pre-crisis average, thus temporarily slowing the catching-up process” Brussels experts said.
Bulgaria’s government expects the economy to grow about 1% in 2010 after shrinking 5.1%. That compares with an estimated 0.2% contraction in Hungary, and growth rates of 0.6% in Slovenia and 1.3% in the Czech Republic.

Source: novinite.com