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Bulgaria to Exit Crisis in 2011

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Bulgaria to Exit Crisis in 2011

Bulgaria to be the only EU member state with less than 3% budget deficit

Europe's economy will rebound next year from a deep slump and accelerate in 2011, the Commission said, paving the way for major deficit cuts across the 27-nation bloc from 2011 at the latest.

Photo: Reuters

The European Commission predicts Bulgaria's GDP will suffer a 5.9% decline in 2009. Bulgaria's economy is expected to go further down by 1.1% in 2010 and then rise up 3.1% in 2011. According to Brussels, Bulgaria is facing 2.4% inflation rate in 2009, 2.3% in 2010, and 2.9% in 2011. The rates of unemployment for this and in the next two years will be as follows: 7%, 8% and 7.2%. Yet Bulgaria is expected to be the only EU member not go past the 3% budget deficit threshold, says the Commission. All figures come from this autumn's economic prognoses, presented by Joaquin Almunia - the Commissioner for Economic and Monetary Affairs.