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Bulgaria is less sffected by recession

Date: 11.11.2008

Bulgaria is to stay less affected by the global financial crisis than other countries due to the currency board and the flat tax system it adopted, Steve Hanke, a Professor of Applied Economics at the Johns Hopkins University said during the 10th Southeast Europe Economic Forum.

However, Prof. Hanke, who is said to be the father of the Bulgarian currency board system, pointed out that the Bulgarian Achilles' heel is corruption.

Hanke also said that the current crisis in the US should not be compared to the Great Depression and added that Bush's war on terrorism has restricted individual freedom, which further spurred economic crisis.

Now we have a new president and his answer will be massive redistribution of income and greater intervention of the government at all levels of the economic system, Hanke concluded.

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