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Bulgaria to Register 1.5% GDP Growth in 2013 - IMF

Finance and Taxes

Bulgaria's GDP is to increase by 1.5% in 2013, against an inflation rate of 2.3%, according to the International Monetary Fund (IMF).

According to the World Economic Outlook for 2013 of the IMF, as cited by Bulgaria's Focus news agency, economies in Central and Eastern Europe can expect only a moderate recovery over the next two years, mainly all due to the weak demand from the crisis-stricken Eurozone, growing public debts and foreign banks strangling subsidiaries in the region.

The IMF expects the region to register an economic growth of 2.25% in 2013 and of 2.75% in 2014.

The IMF cites nine countries, including EU Member States, Poland, Romania, Hungary, Bulgaria, Lithuania, and Latvia, alongside non-EU Turkey, Serbia, Croatia, as part of the developing European economies.

The IMF changes its 2013 growth forecast for the Eurozone to -0.3% from -0.2%, while the 2014 forecast goes up from 1% to 1.1%.

The IMF cuts its 2013 forecast for global growth to 3.3% from the previous 3.5%, while the 2014 forecast drops to 4% from 4.1%.