Text size

OECD: Second wave of Covid-19 will shrink the Bulgarian economy by over 8%

published on 6/12/20 7:05 PM

Photo: capital.bg

The Bulgarian economy grew before the pandemic, but in 2020 it is facing its most serious contraction since the late 1990s. In the most favourable scenario with the epidemic subsiding by the summer, its production will shrink by 7.1% in 2020, and in 2021 the economy will grow.

However, if the country is hit by a second wave of coronavirus, it will shrink its economy by about 8% this year and by another 0.3% in 2021. This is indicated by the forecast of the Organization for Economic Cooperation and Development for Bulgaria (according to the European Commission by 7.2% and according to the government by 3%).

According to the analysis, a restart of the economy may require more political support. Unemployment could rise, especially if the government's wage subsidy scheme ends in July without being replaced by new employment policies.

Последвайте ни и в Google News Showcase, за да научите най-важното от деня!

Radio Bulgaria News coronavirus economic growth economic recovery epidemic second wave

More from category

President Radev meets with Vietnamese citizens who studied and worked in Bulgaria during his Vietnam visit

Rumen Radev's visit to Vietnam began with a meeting with the community of Vietnamese citizens who have studied and worked in Bulgaria - representatives of the Vietnam-Bulgaria Friendship Association. Hundreds of Vietnamese citizens are members of the..

published on 11/24/24 5:00 PM

PP-DB MP Yordanova: There is no agreement with GERB for a governing majority and posts

The deputy from "We Continue the Change - Democratic Bulgaria" Nadezhda Yordanova has denied the information that an agreement was reached with GERB - SDS for the formation of a governing majority , on the basis of which Atanas Atanasov from the..

published on 11/24/24 4:01 PM

Bulgarian AI chat BgGPT can be used for free by everyone

The Institute for Computer Science, Artificial Intelligence and Technology at Sofia University "St. Kliment Ohridski has made available for free use the latest generative artificial intelligence chat application BgGPT , available at bggpt.ai ...

published on 11/24/24 2:37 PM