IMF revises down 2011 economic growth forecast for Bulgaria

IMF revises down 2011 economic growth forecast for Bulgaria

The International Monetary Fund (IMF) has revised down its forecast for Bulgaria's economic growth in 2011 to 2.5 per cent from three per cent predicted earlier, in view of the expected global economic slowdown.A few days ago, the country's Finance Minister Simeon Dyankov said that Bulgaria would record modest economy growth this year, projecting that the rate would be three per cent.The IMF also lowered its 2012 growth outlook for Bulgaria to three per cent from its previous guidance of 3.5 per cent, according to the institution's latest report.Bulgaria is also forecast to record inflation of 3.8 per cent this year against 4.5 per cent expected earlier.The IMF predicts that the United States and Europe could slip back into recession in 2012 unless they embark on urgent measures to overcome economic hurdles.The fund considers that the financial instability has aggravated considerably in recent months, mainly because of concerns about the debt crunch in the euro zone and the slow recovery of the US.According to the IMF, these two regions represent the greatest threat to global economy."Political deadlock has increased uncertainty and financial instability that transfers to the real economy," the IMF said.The global economy is seen expanding by four per cent in 2011 and 2012. In its previous report, the fund had forecast a 4.3 per cent improvement in 2011 and 4.5 per cent in 2012./The Sofia Echo/

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