Bulgaria's Eurozone Aspirations: Fitch Ratings Affirms Positive Outlook
Fitch Ratings, a leading credit rating agency, has affirmed Bulgaria's Long-Term Foreign-Currency Issuer Default Rating at 'BBB' with a Positive Outlook
Romania's GDP will grow by 2.5% this year (from +4.5% in 2022), according to the latest forecast published by the European Commission (EC) on 13 February. This is by 0.7 pp. more than the previous round of EC forecasts and not far from the official growth of 2.8% predicted in the scenario used by the government to plan the budget - which makes the country the third fastest growing economy in the Union after Ireland and Malta.
The implementation of the Recovery and Resilience Plan (RSP) should contribute to large investments, the EC explains, pointing out that this is expected to be the main driver of growth. It is planned that the investments will be supported by other EU funds, Romania Insider reported.
Private consumption, although negatively affected by high inflation, is expected to grow thanks to increases in the minimum wage, pensions and public sector wages, as well as the extension of the energy price cap until 2025.
Net exports are expected to remain negative due to a strong currency and weak demand in export markets.
Inflation is expected to continue to decline over the forecast period, but only modestly, as inflationary pressures remain very high in core components such as services, non-energy manufactured goods and processed foods. Average annual inflation is projected to be 9.7% in 2023, before slowing to 5.5% in 2024 due to the extension of the energy price cap, lower commodity prices and the of base effects.
But the gap between the EC and national forecasts becomes more visible when it comes to next year, when the EC expects the Romanian economy to advance by just 3.0% - still the third highest performance in the Union, but with a significant margin of compared to the national government's projected rate of 4.8%.
Follow Novinite.com on Twitter and Facebook
Write to us at editors@novinite.com
Информирайте се на Български - Novinite.bg
/BGNES
We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!
The presidential election landscape in North Macedonia is poised for a runoff between Gordana Siljanovska, representing VMRO-DPMNE, and Stevo Pendarovski, backed by SDSM
A damning report from the US State Department has unveiled a troubling reality of systematic racial and ethnic violence and discrimination against Bulgarians in the Republic of North Macedonia
The debate surrounding the inclusion of Bulgarians in North Macedonia's constitution, a crucial precondition for the country's European Union accession talks, has taken center stage in the ongoing presidential campaign
Amid escalating tensions on its borders and a significant increase in the Ministry of National Defense budget, Romania is discreetly preparing for the reintroduction of compulsory military service
In a strategic move aimed at bolstering their defense capabilities, Romania and South Korea have embarked on negotiations for joint arms production, signaling a significant milestone in their bilateral relations
Romania is making strides toward joining the Visa Waiver Program, a significant milestone that would enable its citizens to travel to the United States visa-free for up to 90 days
UN Happiness Report: Bulgaria's Astonishing Leap in Rankings
Bulgaria: 3 Regions With Lowest Life Expectancy - EU Report 2022