World Bank Shocks with Bleak Economic Prediction for Bulgaria

Business » FINANCE | June 16, 2024, Sunday // 10:09
Bulgaria: World Bank Shocks with Bleak Economic Prediction for Bulgaria @Wikimedia Commons

The World Bank has revised its economic forecast for Bulgaria downward for the third consecutive time, according to its latest summer report. Initially projecting a growth rate of 2.1% for this year, the institution's revised forecast marks a decrease of 0.3 percentage points. This adjustment follows previous expectations from last summer, where growth was anticipated at 2.7%. The current projection falls significantly short of Bulgaria's earlier government budget forecast of 3.2% growth for 2024, as envisioned by former finance minister Asen Vassilev.

In contrast, the World Bank anticipates that developing economies globally will grow by an average of 4% in both 2024 and 2025. This outlook places Bulgaria's economic growth notably below the global average. Comparatively, neighboring Romania is expected to see economic growth of 3.3% this year, while Poland forecasts a GDP increase of 3%.

The World Bank's report also highlights higher growth expectations for other regional economies, including Serbia (3.5%), Turkey (3%), and Ukraine (3.2%). These projections underscore a broader regional disparity in economic performance expectations, with Bulgaria facing more subdued growth prospects compared to its neighbors.

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Tags: World Bank, Bulgaria, growth

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