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IMF urges Bulgaria to pursue ‘bold reforms’ in annual review

By   /   31/01/2014  /   Comments Off on IMF urges Bulgaria to pursue ‘bold reforms’ in annual review

 

The International Monetary Fund (IMF) urged Bulgaria to pursue “bold structural reforms […] to lift growth, create jobs, and enhance productivity” in its annual review of the country’s economy.

The review, known in IMF parlance as an “Article IV consultation”, praised Bulgaria for maintaining macroeconomic and financial stability despite external and internal challenges, but also stated the need for “accelerated and decisive efforts to address structural impediments to higher growth, job creation, and a faster pace of income convergence with the European Union.”

Issued in the wake of the recent IMF mission visit to Bulgaria, the report re-affirmed the Fund’s economic growth projection of 0.5 per cent for 2013 and its 1.6 per cent growth forecast for 2014.

In terms of other macroeconomic indicators, the current account surplus in 2013 is expected to return to a modest deficit in 2014, which would be financed by foreign direct investment, inflation is projected to remain low and unemployment is expected to decline only slightly and remain high in 2014.

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This article was first published on: The Sofia Globe

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