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In the next seven years, the high unemployment rate in Bulgaria would lead to a modest wage increase between 4% and 6 %. File photo
Bulgaria's Finance Ministry has downgraded its 2013 economic growth forecast from 1.9% to 1%, according to data from an updated program for national reforms report sent to the European Commission.
In 2014 – 2016, the growth is expected to be 1.8%, 2.9%, and 3.4%, respectively as there are expectations for increased exports and internal market demand.
According to the updated estimates, the unemployment rate in 2013 will be 13%, and will go down to 12.8% in 2014. The high unemployment rate would lead to a modest wage increase between 4% and 6 % in the next seven years.
Inflation in 2013 will be 2.4%, 2.7% in 2014 (the highest in the next 7 years), and will drop to 2% in 2020.
The reduction of administration is expected to generate savings in the amount of BGN 332 M a year by the end of 2014.
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