The International Monetary Fund recently reduced its 2009 growth forecast for Bulgaria to 2 percent. That’s a significant reduction from an earlier prediction of 6.3 percent growth for the country’s economy and is a result of the global economic crisis.
“The world economy is slowing and this will have two effects on Bulgaria: lower foreign demand and a drop in capital inflows, which have been an important source of growth so far,” said IMF mission head Bas Bakker. He also noted that the country has not asked the IMF for financial help to deal with the crisis, indicating that it is still in a relatively good position.
The National Statistical Office for Bulgaria has also released its latest reports, showing that growth in the third quarter was at an annual rate of 6.8 percent, down slightly from the second quarter when it was 7.1 percent. That is still a good increase from the same time in 2007, when the growth was 4.9 percent.
Economic growth for Bulgaria was led in the third quarter by a major jump in the agriculture sector of 44.3 percent, which saw a record harvest this year. Industrial growth slowed to 2.2 percent due to falling demand from international trading partners.
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