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Bulgarian economy expected to recover at end-2021

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If there is no second wave of Covid-19, the crisis for the Bulgarian economy will be averagely deep, lasting from 2 to 3 quarters. The annual decline will be from 5 to 7%. The recovery will continue throughout 2021, at the end of which pre-crisis levels will be reached. Real growth will begin in 2022, suggests the Annual Report on Economic Development and Policies of Bulgaria from the Institute for Economic Research at the Bulgarian Academy of Sciences. 

The main conclusion is that until the start of the pandemic the Bulgarian economy was developing steadily, albeit at a modest pace, with a rapid increase in wages and employment, with a stable financial and banking system and lack of macroeconomic imbalances.



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