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Bulgaria Economic Outlook

The Bulgarian government declared this weekend that the Bulgaria economic outlook growth of the country would slow down to 5.5%. This is against a current growth of 7% and would slow from this figure in the light of the current worldwide financial crisis.

The Foreign Minister, Ivailo Kalfin, who is also the Deputy Prime Minister responsible for internal economic matters, said that the crisis would affect both exports and foreign direct investments. However, he was positive that as long as Bulgaria attained economic growth of 5% this would be a real success in the unabating global financial difficulties.

Naturally, all government statements, in this country and abroad, are usually more positive than figures coming from other independent bodies, such as the IMF (International Monetary Fund).

The latest set of figures from the IMF for Bulgaria's economic outlook predict an increase of 4.75% for 2009, compared to those for the UK of only 0.3% and 1.1% from the CBI and IMF respectively.

Additionally, the inflation prediction for Bulgaria from the IMF is 4%, for the UK this currently stands at 4.4% as reported by a quarterly survey conducted by the Bank of England, with predictions for UK inflation to grow even further.