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Bulgaria's growth will slow down to 4-5% in 2009

Date: 02.10.2008

Bulgaria's former Minister of Finance and current Member of Parliament Milen Velchev predicted that the country's economic growth would most likely slow down to 4-5% in 2009.

In his words, the global financial crisis would inevitably affect Bulgaria by raising the price of bank credits, which would bring a drastic reduction in their number.

Yet, Velchev's party - the National Movement for Stability and Progress - believes Bulgaria would not be hit very hard by the world crisis because it was lagging behind the global financial processes.

The NMSP of the former Bulgarian tsar and PM Simeon Saxe-Coburg will insist on increasing the country's budget surplus from the current 3% to 3,5% of the GDP in 2009 as a safety measure against the high payment deficit.

The party is also considering proposing that the income tax be reduced from 10% to 8%.

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