Statement at the end of an IMF Mission to Bulgaria

An IMF mission led by Catriona Purfield visited Sofia from September 23 to October 4 to discuss recent economic developments with the authorities. At the end of the visit, Ms. Purfield made the following statement:
“As the global economy exits its deepest post-war recession, Bulgaria is benefiting from stronger exports and the economy is poised to stage a gradual recovery. In 2010, real GDP growth is projected to range between 0 and 0.4 percent, an update relative to the October World Economic Outlook that reflects a July 2010 forecast. The current account deficit is expected to decline to just below 3 percent of GDP and inflation will remain moderate.

“In 2011, the recovery should gain traction. Real GDP growth is forecast to rise to 2–2½ percent (year-on-year) as the recovery broadens to encompass domestic demand. While this is projected to maintain the current account deficit to just above 3 percent of GDP, it is more than covered by foreign direct investments. Employment conditions may improve as growth increases.

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