The World Bank Raised its Forecast for the Bulgarian Economy
The World Bank raised its forecast for the growth of Bulgaria's economy in the coming years. According to the international institution, the country's economy will grow 3.9% in 2018 and 4% in 2019.
In the summer of last year, the bank expected GDP to increase by 3.7% in 2018 and 2019. The World Bank believes global economic growth will accelerate to 3.1% in 2018 after the strong 2017. Institution recognizes return on investment, production and trade, and emerging export-based economies have benefited from rising raw material prices. The Bank, however, considers this to be largely a short-term improvement.
"In the long run, the slowdown in potential growth puts at risk the improvement of living standards and the reduction of poverty in the world," the bank warned in its report. Global growth is projected to slow down to 3.0% in 2019 and 2.9% in 2020. 2018 may be the first year after the financial crisis that the global economy will run at almost full speed. It is expected that the economy stays tense, so central bankers will have to rethink their monetary and fiscal instruments to stimulate growth and support the long-term potential of the economy.
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