Bulgarian Scientists Foresee Economic Growth of 1.4 % in 2015

According to the forecast of the economists from the Bulgarian Academy of Sciences (BAN), the economy of the country will record a growth of 1.4 % in 2015.

This became clear after the annual report of the Economic Research Institute to BAN was presented on Monday, daily Sega reports.

The scientists concluded that the unfavourable trend for a very low growth of 1-2 % was likely to continue unless further reforms were introduced.

The Director of the Institute Prof. Mitko Dimitrov commented that for a developed country such as the USA such a modest growth could be satisfactory, but for Bulgaria this was highly insufficient.

According to Dimitrov, Bulgaria held a greater potential, but could not materialise it due to the lack of reforms.

The scientists expect the growth of international prices to continue as well as considerable insecurity linked to the restoration of economic growth in the EU.

The economists from BAN also foresee some insecurity due to the forthcoming local elections in Bulgaria.

The global and regional trends did not justify the restoration of economic growth, which had been expected to take place in 2014.

Some of the reasons were the political and economic instabilities affecting the international prices, which could not register growth in the past two years.

In an attempt to overcome some instabilities on a global scale and due to the danger of deflation in the EU, a series of policies, including aggressive ones, were implemented.

The scientists pointed that one such measure was the attempt of the European Central Bank (ECB) for quantitative easing.