IMF Believes Political Uncertainty Hinders Bulgarian Growth
Instability in politics is putting an obstacle to the economic growth in Bulgaria, experts from the International Monetary Fund (IMF) have said.
After a five-day mission to Bulgaria, IMF representatives have issued a statement to outline the basic problems underpinning the political turmoil.
In their message to the media the officials point the weak results of one of the ruling parties and Bulgaria's dependency on Russian energy supplies as factors behind the ongoing instability.
Revenue estimates made by the government also carry certain risks, the experts believe.
They have urged Bulgaria to take measures to boost growth and create employment.
Sofia should also step up its efforts to fight corruption and create a business-friendly environment.
The IMF leader Michele Shannon however added that GDP growth pace is on a moderate rise in Bulgaria. She said this would be caused by increased domestic demand and a higher rate at which EU funds are absorbed.
Macro-financial results, which include low public debt, are preventing the country from being exposed to fluctuations on the international markets.
But the prolonged ageing of the population and emigration are posing challenges to public spending in the long term.
- » Bulgaria’s Gross Foreign Debt Dips 1.3% Y/Y in May 2016
- » Bulgaria’s Business Climate Worsens in July – NSI Survey
- » Bulgaria Appoints New Deputy Finance Minister
- » Trips of Bulgarians Abroad Rise 21% Y/Y in June
- » Air France Strike to Disrupt Sofia Flights
- » Bulgarian Energy Group BEH Places EUR 550 M Eurobond Issue - Minister