Bulgaria:2022 Article IV Consultation - Press Release; and Staff Report for Bulgaria

The economy showed resilience through the pandemic, but the war in Ukraine has clouded the outlook, heightened uncertainty, and increased downside risks.

Volume/Issue: Volume 2022 Issue 190

Publication date: June 2022

ISBN: 9798400212659

$20.00

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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Exports and Imports , Inflation , Economics- Macroeconomics , Money and Monetary Policy , Public Finance , International - Economics , excise rate cut , budget composition , CPI series , General government operation , potential GDP , pension calculation , Inflation , Income , Consumer price indexes , Imports , COVID-19 , Global , Europe , Southern Europe , Eastern Europe

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Summary

The economy showed resilience through the pandemic, but the war in Ukraine has clouded the outlook, heightened uncertainty, and increased downside risks. With policy support, growth rebounded in 2021 despite the lingering COVID-19 crisis and protracted political uncertainty that hampered investment. Inflation accelerated significantly, pushed by global factors and strong domestic consumption. GDP growth is projected to slow below 3 percent and average inflation to exceed 12 percent in 2022. In this context, policies must navigate difficult trade-offs as they need to support activity, meet needs from the war, and contain inflation, while raising living standards, reducing inequalities, and supporting the green transition.