Bulgaria: BSP Returns Cabinet-Forming Mandate, Elections Day Fixed for July 11
Int'l Labor Organization Chief Urges Govt to Curb Grey Economy
Business | August 11, 2014, Monday // 14:04
- Tweet
Send to Kindle
Guy Ryder, General Director of the International Labour Organisation, ILO, photo by EPA/BGNES
Guy Ryder, Director-General of the International Labor Organization (ILO), has called on the next Bulgarian government to seriously address the issue of grey economy
In an interview for the Bulgarian National Radio, he argued that excessive financial discipline and pay cuts harmed economic growth and consumption.
"You can reduce tax rates and salaries or do whatever you like, but a company will not be successful unless there is demand for what it manufactures. This is why you have to work on improving labor market conditions," he stated.
He went on to comment on the situation in the United Kingdom, stressing that it had an unemployment rate of slightly above 6% and small economic growth, but things looked different upon closer inspection.
"There are nearly 1.5 million people there who work under indefinite part-time employment contracts. Under the contract, a worker may be called to work anytime, with no guarantees about the hours of work they will have to put in. One also has to take into account the quality of jobs because crude statistics does not give us the full picture," Ryder declared.
He went on to call on the next government, scheduled to be elected in October, to work in close cooperation with the social partners to come up with a specific Bulgarian model for success.
"International organizations like ILO are not supposed to come here and give magic recipes. They should only back the measures which the Bulgarians consider most appropriate," he suggested.
Related Articles:
Bulgaria: Outgoing Prime Minister with Grim Prognosis for Next Election
“No cabinet will be formed after the early elections in Bulgaria and the caretaker cabinet appointed by Bulgaria’s President Rumen Radev will continue to govern for months”, predicted this country’s outgoing Premier Boyko Borissov.
Bulgaria: Analysts Forecast 1-Percent Margin between GERB and TISP in Case of Early Elections
Recent political developments suggest that new early elections are increasingly on the agenda.
Are Early Elections Looming Large in Bulgaria – Political Analysts
Why There Is Such a People chose this move [to return the cabinet-forming mandate], who will take the third mandate, if early elections are looming in Bulgaria, sociologist Andrey Raychev and political scientist Prof.
Political Analyst: In Case of Early Elections in Bulgaria New Parties Will Have Overwhelming Majority
We will most likely have an expert minority government, nominated by the three new parties and at least moderately supported by the status quo parties, and in case of elections in three months the new ones in parliament will have a majority - they are yet
Politics | April 6, 2021, Tuesday // 15:50
Bulgarian Government Allocates BGN 184 Million for Remdesivir and New Emergency Call Center
The government allocated nearly BGN 184 million to help hospitals in getting prepared for medical assistance in the declared emergency epidemic situation, for the provision of vaccines and additional quantities of "Remdesivir" antiviral medication, as wel
Bulgaria Expects Summer Tourism Boost as Foreign Interest Grows
Around half a million Bulgarians chose to spend Easter inside the country, while roughly 120,000 traveled abroad
Bulgaria: Bulgargaz Proposes Nearly 5% Rise in Natural Gas Price for May
Bulgargaz has submitted a proposal to the Energy and Water Regulatory Commission (EWRC) suggesting a natural gas price of €35.98 per megawatt hour (MWh) for May
Bulgaria Won’t Touch Fuel Reserves to Cut Prices, Energy Minister Says
Acting Energy Minister Traycho Traykov said Bulgaria should not tap into its 90-day fuel reserves to ease prices, stressing that they must remain a safeguard in case of an actual supply disruption
US Approves New Lukoil Waiver for Bulgaria After Talks With Rubio
Bulgaria has secured a six-month extension of the Lukoil waiver, following a decision by the US Treasury Department’s Office of Foreign Assets Control (OFAC)
Bulgaria’s Central Bank Tightens Rules on Housing Credit
The Bulgarian National Bank (BNB) has decided to increase the countercyclical capital buffer to 2.25%, in a move aimed at easing pressure on the rapidly growing housing credit market and strengthening the resilience of the banking system.
“Energy Lockdown”? Expert says Europe and Bulgaria Could Face Covid-Style Restrictions
Energy expert Boyan Rashev has warned that Europe could be moving toward what he described as an “energy lockdown” scenario if fuel supply pressures continue to worsen
