Bulgaria Outlook for the Future

Bulgaria’s economy is in good shape – 2006 marked the ninth successive year of growth since the 1996-1997 financial crash. Consumption and GDP are growing; investment, both foreign and overseas, is breaking records, thanks, in part, to EU accession; unemployment levels, though still high in relative terms, are falling; and imports and exports are continuing to increase at a robust rate. The industrial sector, which includes construction, was lauded as one of the main factors behind this success story, with annual growth of 8.3% in 2005 and 2006, while tourism is another soaring sector. Challenges remain though – inflation is still high, 6.5% year on year at the end of 2006, and the current account deficit stood at a record 3.88bn euros in 2006, representing around 16% of GDP, up from 2.43bn euros in 2005. To the future, Bulgaria’s policymakers will have to negotiate the balance between caution and growth. Meanwhile there is debate over when Bulgaria will join the Eurozone – estimates differ between 2010 and 2012. The chapter includes interviews with Rumen Ovcharov, former Minister of Economy and Energy; Stoyan Stalev, President, Invest Bulgaria Agency; and Michael Deppler, Director, European Department, IMF.

http://hyipnews.inbloogle.com/2007/09/28/bulgaria-outlook-for-the-future-nobs-invest-findings/