The European Bank for Reconstruction and Development has raised its forecasts for the economic growth of Bulgaria in 2023 and 2024, as well as for the region of Southeast Europe. The growth of the Bulgarian economy is expected to be 1.3% for 2023 and 2.9% for 2024. This is 0.3 percent more compared to previous forecasts. The region's growth is expected to reach 2.3% in 2023 and 3% in 2024.
The European Commission also raised its expectations for the economic growth of Bulgaria, but also raised the forecast for annual inflation. According to the spring macroeconomic forecast of the commission, Bulgaria will mark a 1.5% GDP growth by the end of the year. In the winter forecast, growth was 1.4%.
The reason for the positive correction is that Europe has coped better than expected with the consequences of the war in Ukraine. Bulgaria's modest growth is due to the fact that last year's export boom will not be repeated in 2023 due to weakened external demand.
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The country's GDP stands at 64% of the European average. Unlike Romania, we have not yet crossed the 70% threshold. What distinguishes Bulgaria from other countries in the region is that they have higher levels of investment, better rule of law, and..
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The Organisation for Economic Co-operation and Development (OECD) forecasts an acceleration in Bulgaria's economic growth from 1.8% in 2023 to 2.5% in..
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