BIA Chairman: Bulgaria Won't Overcome Financial Crisis Until 2012

Business » FINANCE | May 18, 2009, Monday // 08:52
BIA Chairman: Bulgaria Won’t Overcome Financial Crisis Until 2012: BIA Chairman: Bulgaria Won't Overcome Financial Crisis Until 2012 Photo by csd.bg

Bulgarian Industrial Association (BIA) Chairman, Bozhidar Danev, has stated that Bulgaria will not overcome the negative effects of the global economic crisis until 2012.

Danev stated that the revenues to the national budget are falling and the condition of the banking system has deteriorated, in an interview for Bulgarian National Radio.

Danev added that the deteriorating liquidity of Bulgaria's budget and businesses make the country extremely vulnerable to external shocks.

"The banking system will suffer heavy blows in the immediate future, as the economy is deteriorating, but the experts prefer not to mention this fact," Danev continued.

Danev concluded by saying that many companies have consulted the BIA on the implementation of massive layoffs and that the oncoming general elections will further aggravate the condition of Bulgaria's economy.

 

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Tags: Bozhidar Danev, BIA, Bulgarian Industrial Association

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