Bulgaria expects to restore economic growth in 2011

BULGARIA

Bulgaria expects to reverse current recession and be back to economic growth in 2011, a finance ministry forecast said Wednesday.

The economy is expected to contract by 6.5% this year and by 2% in the next year and grow by 3.8%, 4.8% and 5% in 2011, 2012 and 2013 respectively, the ministry said.
It projected the annual inflation to slow down to 1.8% next year from 7.2% in 2009 and speed up to 2.2%, 4.1%, 3% and 2.7% in the years from 2010 on.

Bulgaria’s current account deficit was expected to rise from EUR 2.5 billion in 2009 to EUR 2.8 billion in 2013, the forecast said. It predicted also that foreign investment in the country would climb from EUR 3 billion this year to some EUR 3.5 billion in 2013.