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Bulgaria forecasts economy to shrink 6.3% in 2009

(Xinhua)
Updated: 2009-08-28 03:14

SOFIA: Bulgaria on Wednesday forecast that its economy would shrink 6.3 percent this year and 2 percent in 2010.

The forecast came as the government approved the Medium-Term Fiscal Framework and Key Projections for the 2010-2013 Period. The projections forecast that the Balkan country's economy would contract 6.3 percent in 2009 and 2 percent next year.

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The document outlined four principal objectives: improving the welfare of Bulgarian citizens; keeping a stable currency; focusing public spending on the promotion of economic growth in accordance with the revised Lisbon Strategy and improving the domestic investment climate.

The government planned to keep current tax rates unchanged and cut social security payments by 2 percent from the current 31.6 percent. It would also cut public spending by an additional 1.156 billion leva ($840 million) to avoid a budget deficit at the end of the year.

The ruling GERB party has also indicated that it was likely to turn to the IMF for help, something most economists would applaud but the previous government has resisted.