What is EBRD's Economic Forecast for Bulgaria
Reduced gas supplies and inflation to slow growth further in EBRD regions
The global economy is not over the worst of the recession, Erik Berglof, chief economist at the European Bank for Reconstruction and Development, said.
"I don't think the worst is behind us ... We've not seen everything yet," said Berglof, who works for the London-based EBRD -- set up to help ex-communist nations adopt market economies after the Soviet Union collapsed.
Berglof, addressing top business delegates at the annual Forbes CEO forum in Gleneagles, Scotland, argued that all banks should declare their exposure to bad debts -- mirroring the United States.
"There's a sense that we don't know yet what's in our banking system," he told the meeting.
"There's a need not only to find out but also to make public, like you did in the United States.
"That was a model for how to do it and it certainly helped to stabilise the system. We need the same thing in Europe now and we need to make it public."
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Bulgaria’s prospects for joining the euro in 2025 have been bolstered by a cooling annual inflation rate, which dropped to the eurozone average of 2.4% in April, marking its first dip below 3% since the summer of 2021
In April, inflation across the European Union remained steady, with both the EU and the Eurozone recording a rate of 2.6% and 2.4%, respectively, according to data from Eurostat, the official statistics agency of the EU
Julian Voinov, an economist and financial expert, expressed optimism regarding Bulgaria's potential adoption of the euro in 2025 or early 2026
This was stated by the Governor of the Bulgarian National Bank at the international conference "Bulgaria in the Eurozone, When?" in Sofia
Former Finance Minister Simeon Dyankov has suggested that Bulgaria's potential entry into the Eurozone may not materialize before 2026
In the initial quarter of 2024, Bulgaria's economy expanded by 0.4%, as per an expedited evaluation by the National Statistical Institute (NSI), a slight deceleration from the 0.5% growth witnessed in the final quarter of the preceding year
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