IMF Forecasts Realistic Timeline for Bulgaria's Eurozone Entry in 2025

Business » FINANCE | March 19, 2024, Tuesday // 16:00
Bulgaria: IMF Forecasts Realistic Timeline for Bulgaria's Eurozone Entry in 2025

Jean-Francois Dauphin, the head of the International Monetary Fund (IMF) mission in Bulgaria, has expressed confidence that Bulgaria's accession to the Eurozone by 2025 is a realistic goal. The IMF's assessment comes as part of its regular evaluation of Bulgaria's economic performance, which forecasts a 2.7 percent growth rate for the country's economy this year.

Dauphin also provided insights into inflation expectations, projecting a rate of 3.5 percent. According to him, Bulgaria's adoption of the euro would mitigate certain risks facing its economy, offering a stable currency framework that could enhance economic stability and facilitate trade within the Eurozone.

One of the IMF's key recommendations for Bulgaria's long-term economic strategy includes the elimination of the maximum insurance threshold and the implementation of a progressive income tax scale. These measures aim to promote fiscal sustainability and equitable distribution of resources within the country.

However, Dauphin cautioned against the rapid growth of loans in the housing segment, highlighting potential risks associated with overheating in the real estate market. Despite these concerns, he commended Bulgaria's efforts in implementing appropriate measures to address these challenges, describing them as prudent and necessary.

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Tags: IMF, Bulgaria, Eurozone, economic

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