Bulgaria Will Feel the Effects of the Crisis Until 2012
The president of the Bulgarian Industrial Association (BIA), Bojidar Danev, said that Bulgaria will not manage to overcome the negative effects of global financial crisis until 2012, according to Sofia News Agency.
Danev added that national budget revenues are down and the system bank of the country has deteriorated. BIA President has said that falling liquidity in the budget of Bulgaria and Bulgarian companies make the country become extremely vulnerable to external shocks.
“The banking system will suffer heavy damage in future, in the context of economic conditions deterioration, but specialists don’t want to mention this fact”; continued Danev.
Danev concluded saying that many companies have consulted with the BIA on the implementation of disposal, and that future general elections will further worsen the Bulgarian economy. In the first three months of this year, economies in Eastern Europe have registered the most significant decreases at the continental level. In the case of Bulgaria, the decrease was 3.5%.