Podcast in English
Text size
Bulgarian National Radio © 2024 All Rights Reserved

Bulgarian Industrial Capital Association: the crisis is already here!

President of Bulgarian Industrial Capital Association Vasil Velev
Photo: BGNES

The Bulgarian industry is not facing a dilemma whether the crisis may come-it is already here, the President of the Bulgarian Industrial Capital Association Vasil Velev told the Bulgarian National Radio. Vasil Velev pointed out that according to national statistics, exports fell 6.4% in June this year.  In his words, a decrease in sales was registered in the recent months in various sectors such as machine-building, electrical engineering, textile, clothing, manufacture of furniture and metals. For the first time in a very long time, uncertainty is a bigger problem than the deficit of human resources. Due to lack of enough orders, some of the enterprises will shift to a 3 day or 4 day week, which will result in lower salaries. That is why the business has asked the Bulgarian authorities for assistance. Here is how Velev answered the questions whether Bulgaria is heading for a recession: This is the direction when the industry starts going down and the economy is inert. After the huge costs made on the purchase of the new fighter aircraft, it may turn out that this country will recede from the ERM II (the Eurozone’s waiting room) due to the huge deficit, if this country does not take the necessary measures in the meantime, the President of the Bulgarian Industrial Capital Association Vasil Velev warned. The claims of the Bulgarian Industrial Capital Association that this country is heading towards economic recession were rejected by Bulgaria's Minister of Economy Emil Karanikolov.




Последвайте ни и в Google News Showcase, за да научите най-важното от деня!
Listen to the daily news from Bulgaria presented in "Bulgaria Today" podcast, available in Spotify.

More from category

30 people were not allowed to board a Ryanair flight from Sofia to London

Nearly 30 people who had to fly to London with a low-cost airline were not allowed to board the plane at Sofia Airport. The flight was in the early afternoon. ''We checked in, went to the runway and waited. The crew started to board some passengers...

published on 10/30/24 5:23 PM

Alliance for Rights and Freedoms is ready to support a government of GERB-SDS and PP-DB

The honorary chairman of the Movement for Rights and Freedoms (DPS) Ahmed Dogan, who led two candidate lists of the Alliance for Rights and Freedoms, stated that he will not become an MP in the 51st National Assembly.  "I do not belong there. I..

published on 10/30/24 4:20 PM

The state will guarantee a 79 million euro loan for the restoration of Chaira Hydro Power Plant

The caretaker cabinet has approved state guarantees amounting to over EUR 79 million under loan agreements with the National Electric Company for financing the investment project on the modernization and rehabilitation of Chaira Hydro Power Plant...

published on 10/30/24 2:58 PM