EU Expects No Fiscal Tension in Bulgaria

EU Expects No Fiscal Tension in Bulgaria

The European Commission expects no fiscal tension in Bulgaria in the short-term period, it said in a recent report on the fiscal stability of the EU member-states.

The Commission notes that Bulgaria's foreign debt is way below the ceiling of 60% of the gross domestic product (GDP) and expects it to rise gradually to 18.3% in 2014 and then to exceed 20% in 2020, the Bulgarian National Radio reported.

As possible risks that the country might face, the Commission has pointed to the ageing population and, consequently, higher budget expenditures for pensions and healthcare. However, according to Commission, the government has still time to adjust its policy in this area.

The other challenges identified in the report are related to competitiveness, foreign investment, the current account balance and the cost of labour.

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