Podcast in English
Text size
Bulgarian National Radio © 2024 All Rights Reserved

OECD: Second wave of Covid-19 will shrink the Bulgarian economy by over 8%

Photo: capital.bg

The Bulgarian economy grew before the pandemic, but in 2020 it is facing its most serious contraction since the late 1990s. In the most favourable scenario with the epidemic subsiding by the summer, its production will shrink by 7.1% in 2020, and in 2021 the economy will grow. 
However, if the country is hit by a second wave of coronavirus, it will shrink its economy by about 8% this year and by another 0.3% in 2021. This is indicated by the forecast of the Organization for Economic Cooperation and Development for Bulgaria (according to the European Commission by 7.2% and according to the government by 3%). 
According to the analysis, a restart of the economy may require more political support. Unemployment could rise, especially if the government's wage subsidy scheme ends in July without being replaced by new employment policies.



Последвайте ни и в Google News Showcase, за да научите най-важното от деня!
Listen to the daily news from Bulgaria presented in "Bulgaria Today" podcast, available in Spotify.

More from category

The state will guarantee a 79 million euro loan for the restoration of Chaira Hydro Power Plant

The caretaker cabinet has approved state guarantees amounting to over EUR 79 million under loan agreements with the National Electric Company for financing the investment project on the modernization and rehabilitation of Chaira Hydro Power Plant...

published on 10/30/24 2:58 PM

No Bulgarian citizens have been reported injured after the floods in Spain's Valencia region

According to the Bulgarian Consulate General in Valencia, no Bulgarian citizens have been reported dead or injured, the press office of the Bulgarian Ministry of Foreign Affairs told the BNR. There have been no reports of Bulgarian citizens in..

published on 10/30/24 2:54 PM
PM Glavchev at today's cabinet sitting

Caretaker PM Glavchev calls for the speedier formation of a regular cabinet

“I call for restraint on the part of politicians and for a constructive dialogue because the formation of a regular and stable government, such as we all want, is in their hands,” said caretaker PM Dimitar Glavchev at the beginning of today’s..

published on 10/30/24 12:13 PM