The economy is on its way to reach its highest point next year, when the actual GDP growth will be close to 4%. This is the forecast of the chief economist of UniCredit Bulbank Kristofor Pavlov, who took part in the specialized forum The Sound of Money.  He pointed out that our country is not as far ahead in its economic recovery as the rest of the countries from Central and Eastern Europe (Czech Republic, Slovakia, Hungary and Romania), but the growth of our economy is better balanced and is not at the expense of increase of the current account deficit and the indebtedness.  

The reported growth of 3.4% on an annual basis for the first quarter of this year was a strong start for the economy despite the increased uncertainty caused by the snap parliamentary elections in March.  “The expectations of the business and households for April and May are close to the highest values observed after the crisis in 2008 and indicate that the economic activity will gain momentum in the second quarter,” said Pavlov. According to him, the growth acceleration in the second half of the year will be supported by tourism and infrastructure construction.  The early sales in the tourism sector show that it is about to register new serious growth after last year’s strong results.  The infrastructure construction, on its part, will be boosted by gradually overcoming the delay of the projects financed with EU funds. 

The full text of the report of Economic Research Team of UniCredit Bulbank is available here.

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