IMF revises Bulgaria's 2010 GDP forecast
02/03/2010
SOFIA, Bulgaria -- The IMF has revised its forecast for Bulgaria's GDP performance in 2010 to a growth of 0.2%, rather than the contraction of 2.5% forecast in the IMF's October World Economic Outlook. The new report, published on Monday (March 1st), says the revision follows one by the EBRD and is in line with the finance ministry's prediction of 0.3% growth.
Separately Monday, Prime Minister Boyko Borisov said that Sofia is working to prevent the outflow of money from Greek bank subsidiaries in Bulgaria to the institutions' headquarters in Greece. In Bulgaria, 30% of banks are owned by Greek businesses. Late last month, the rating agency Fitch downgraded Greece's four biggest banks, all of which operate in Bulgaria, due to Athens' financial crisis. (Dnevnik, Klasa, BNT, Darik, Reuters - 01/03/10
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