Podcast in English
Text size
Bulgarian National Radio © 2024 All Rights Reserved

OECD: Second wave of Covid-19 will shrink the Bulgarian economy by over 8%

Photo: capital.bg

The Bulgarian economy grew before the pandemic, but in 2020 it is facing its most serious contraction since the late 1990s. In the most favourable scenario with the epidemic subsiding by the summer, its production will shrink by 7.1% in 2020, and in 2021 the economy will grow. 
However, if the country is hit by a second wave of coronavirus, it will shrink its economy by about 8% this year and by another 0.3% in 2021. This is indicated by the forecast of the Organization for Economic Cooperation and Development for Bulgaria (according to the European Commission by 7.2% and according to the government by 3%). 
According to the analysis, a restart of the economy may require more political support. Unemployment could rise, especially if the government's wage subsidy scheme ends in July without being replaced by new employment policies.



Последвайте ни и в Google News Showcase, за да научите най-важното от деня!
Listen to the daily news from Bulgaria presented in "Bulgaria Today" podcast, available in Spotify.

More from category

Sunny and warm weather expected on Wednesday

It will be sunny on Wednesday. There will be moderate northerly wind. The lowest temperatures will range from 13°C to 20°C, for Sofia 13°C. Daytime highs will range from 29°C to 34°C, for the capital city 30°C. It will be sunny Over the Black..

published on 8/6/24 5:20 PM

A guarantee fund will protect the interests of tourists in the event of a tour operator's bankruptcy

The Ministry of Tourism has published for public discussion a draft for amendments to the Tourism Act, which introduce various protections for tourists on organized trips in the event of a tour operator's bankruptcy. The measures also include those..

published on 8/6/24 4:48 PM

The National Assembly Defence Committee greenlights the acquisition of the German IRIS-T SLM air defense system

The National Assembly Defence Committee has given the green light for acquiring the German IRIS-T SLM air defense missile system. The bill was adopted at first reading. 10 MPs voted in favour and 3 MPs abstained.  Bulgaria intends to purchase one..

published on 8/6/24 3:26 PM