IMF Mission Head: Bulgarian Economy Might Fall into Recession

Business | March 21, 2009, Saturday // 14:56| Views: | Comments: 13

The head of the International Monetary Fund mission for Bulgaria, Bas Bakker, said Saturday that Bulgaria's economy might go into recession.

Bakker's latest statement was made in an interview for Bulgarian National Radio, and runs counter to the last IMF report on Bulgaria in February 2009, in which the Fund predicted that the Bulgarian economy would grow by 1% in 2009.

"If we look at other countries in the region, many of them are falling into recession. The decline in Western Europe is much steeper than expected. Yesterday's figures showed the January industrial production in the Eurozone declined by 17%, which is obviously hurting Bulgaria. At the same time, the inflow of capital is dropping unexpectedly quickly, so it is definitely possible that the Bulgarian economy might shrink this year", Bakker declared.

In his words, the Bulgarian government might be able to achieve a budget surplus of 2% of the GDP in 2009 only if it restricts the state spending to a minimum.


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Tags: recession, International Monetary Fund, Bas Bakker, GDP, economic growth
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» To the forumComments (13)
NellieotAmerica - 24 Mar 2009 // 03:02:23


Perhaps I should have clarified - do not trust the CURRENT government in the US when it comes to the economy. It is not capitalism, the US is a socialist enterprise now. More socialist than Russia or China.

George Zheliazkov - 24 Mar 2009 // 00:43:25


Nothing to do with ethnicity or religion, just greed my man, plain old greed and no laws to regulate it!

Rollingstoned - 24 Mar 2009 // 00:27:03

You're so right George because Bernie Madoff is only the tip of the iceBERG.
The Stienbergs will soon melt down too.
Sorry to sound so Anti-Semetic!
The Jews here, call him Madoff Hitler.
So I guess I don't sound like a dirty rotten scoundral after all, do I?

George Zheliazkov - 23 Mar 2009 // 23:50:36

Nazdrave Rollingstoned

Anyways it’s not only AIG, how about Bernard Madoff who screwed up investors with 60 BILLION dollars or so?

(BTW believe me this is only the tip of the iceberg, many others to come)

Rollingstoned - 23 Mar 2009 // 23:42:35

Don't you know that AIG doesn't mean...Arrogance, Ignorance and Greed?
It actually means...All Is Good.
Because it's my birthday!
Or as they say here....Nice Driveway!

George Zheliazkov - 23 Mar 2009 // 23:31:06

“Never look at the US government propaganda when it comes to the economy.”

Well Nellie we already know your opinion on communism, now you are suggesting we don’t trust capitalism (capitalism for me is all about economy) so the trillion-dollar question is: Who do we trust?

The sad statistics and the brutal reality is that every 5 to 10 years (recession) the hard working people in the capitalism are being screwed up and end up loosing all their savings, pensions, jobs, achievements etc. due to some unregulated arrogance, ignorance and greed.

Is that really the way to go and can humanity do something better?

NellieotAmerica - 23 Mar 2009 // 16:20:45


Never look at the US government propaganda when it comes to the economy. I called the dollar dropping a few weeks ago and everyone laughed. Look at where the dollar is now against the euro - veeery down. I am calling the economy will not pick up until mid 2010 at the earliest. We are also looking at unemployment to go up some more into the double digits. The US government is printing money to buy its own debt. It is taking money from its right pocket and moving it to its left pocket. This is not going to help stimulate the economy. Nothing will stimulate the economy except prices coming down to affordable levels.

George Zheliazkov - 23 Mar 2009 // 02:07:32


This recession is more of a media propaganda than reality. Sure like I said the negative media has profound effect on the people’s mentality and financial health (propaganda, brainwash, cold war, remember?…) but now like I said the strategy is changing and the positive outlook is emerging.

Anyways have a look at the latest opinion of your government.

NellieotAmerica - 22 Mar 2009 // 19:06:22


Nothing is going to pick up in the US until second half of 2010 and in Europe even later than that. The next two years are going to be brutal.

George Zheliazkov - 22 Mar 2009 // 18:25:46

In my opinion it’s a correct sentence being used by financial analysts and so on, here is the description by Marriam-Webster, which describes it like:

“Progressing upward from the lowest level”

and that’s exactly what I meant.

George Zheliazkov - 22 Mar 2009 // 18:03:40

Sure you get the point. Anyways things are getting better.

mrposhrat - 22 Mar 2009 // 17:12:01

George, you probably meant 'bottom out', but 'bottom up' is probably a more likely scenario! Bottom up, with your head in the sand :-).

George Zheliazkov - 22 Mar 2009 // 01:47:32

Bas, you are fired! (and the whole bunch of pessimists around you)!

Stop the nonsense, everything will be okay and BTW you should be looking at the February stats, which are already better than the January ones. The US and other economies are already picking up speed and things will bottom up by the end of the year!

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