IMF expects 4% drop in Bulgaria's 2020 GDP, 4.1% rise in 2021

IMF expects 4% drop in Bulgaria's 2020 GDP, 4.1% rise in 2021

The International Monetary Fund (IMF) said on Tuesday that it expects Bulgaria's gross domestic product (GDP) to decrease by 4% in 2020, affirming its April forecast.

Bulgaria's economy is seen growing by 4.1% next year, the IMF said in its latest World Economic Outlook (WEO) report, downgrading its April forecast for a GDP rise of 6% in 2021.

Consumer price inflation is expected to slow from 2.5% in 2019 to 1.2% this year, before picking up to 1.7% in 2021.

Bulgaria's unemployment rate is forecast to grow from 4.2% in 2019 to 5.6% this year. The jobless rate is then seen falling to 4.5% in 2021.

Bulgaria’s current account balance calculated as percentage of GDP is projected to drop sharply from 4% in 2019 to 1.9% this year, before rising to 2.3% in 2021.

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