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

According to the president, early elections should be held after September 15

August is not the best month for an election campaign and elections should not be held before the middle of September. This was what President Rumen Radev, who participated in the "Bank of the Year" awards ceremony, said. "I am..

published on 7/5/24 8:48 AM

Sand Sculpture Festival opens in Burgas

The Sand Sculpture Festival takes place for the 17th summer in a row in the city of Burgas. It will open its doors to visitors on July 5. The "Marina Zmeeva" ballet school and the musicians from the Burgas Wind Orchestra will have a special..

published on 7/5/24 7:35 AM

National Motorcycle Festival Vratsa – Ledenika to be held between July 5 and 7

From July 5 to 7, hundreds of high-speed enthusiasts from all over the country will participate in the latest edition of the National Motorcycle Festival Vratsa – Ledenika. The event will take place on the meadows near the Ledenika Cave. The official..

published on 7/5/24 6:30 AM