Downside Risks to Bulgarian Economic Growth Rise Over Global Slowdown - IMF

Downside Risks to Bulgarian Economic Growth Rise Over Global Slowdown - IMF

While the prospects for Bulgaria's economic growth remain good, downside risks have recently risen mainly due to the weakening in trading‑partner growth and global trade, the International Monetary Fund said."With sound macroeconomic policies in Bulgaria, Directors emphasized the need to implement broad‑based structural reforms to boost potential growth, accelerate EU income convergence, and address unfavorable demographic dynamics," the IMF said in a statement on Friday as its executive board concluded the Article IV consultation with Bulgaria.In order to bolster its prospects, Bulgaria should focus on key issues such as improving the efficiency of public spending, the quality of public institutions, and the governance framework, the IMF executive board noted.Also, the country should focus on developing effective labor market policies and stimulating a deeper collaboration between educational institutions and business, which could help mitigate labor shortages and skill mismatches.The IMF also encouraged the authorities to maintain the reform momentum through effective implementation, in order to support inclusive and sustainable growth over the medium term.

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