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Bulgaria: 2010 Article IV Consultation: Staff Report; Staff Supplement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Bulgaria
Author:
International Monetary Fund
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Series:
IMF Staff Country Reports
Volume/Issue:
Volume 2010: Issue 160
Language:
English
Publication Date:
02 Jun 2010
DOI:
https://doi.org/10.5089/9781455207473.002
ISBN:
9781455207473
ISSN:
1934-7685
Pages:
64
Keywords:
ISCR; CR; government; payment commitment; GDP; deficit; payment; revenue boom; authorities' plan; currency board arrangement; private sector vulnerability; Bulgarian authorities; Wages; Global; Europe; Eastern Europe; Southern Europe
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The large capital inflows that generated a domestic demand boom in Bulgaria led to strong employment growth. But a sharp reduction in capital inflows led to a contraction of domestic demand, while the recession in Bulgaria’s trading partners caused a drop in exports. Public policies will also need to attune to the domestic demand-driven revenue boom and adjust spending growth to the new environment. Capital inflows are likely to remain low, and domestic demand is expected to decline further, requiring substantial adjustments by both the private and public sectors.
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Cover IMF Staff Country Reports
IMF Staff Country Reports
ISSN:
1934-7685
Publisher:
International Monetary Fund