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Bulgarian Industrial Association predicts economic growth of only 2% in 2009

Date: 13.11.2008

The Bulgarian Industrial Association submitted Wednesday a letter to the Parliament, the Council of Ministers, and the other relevant institution asking for emergency preemptive measures against the financial crisis in the 2009 Draft Budget.

"We are witnessing unprecedented global crisis in the financial system and the economy. For the first time the tensions in Bulgaria's economy are caused not by internal but by foreign factors", the letter of the Industrial Association reads.

Its members express their grave concern regarding the disposition of the state institutions for unrealistic income growth, social commitments, and promises for the importation of foreign laborers.

The emergency changes in the 2009 Draft Budget that the Association insists upon include the lowering of the projected economic growth from 4,5% to 2%; the lowering of the projected inflation from 5,4% to 4,5% at the end of 2009; a current-account deficit of 24-26% of the GDP instead of the projected 22,2%; expectations for foreign direct investments of up to EUR 4 B instead of the projected EUR 5,3 B.

The Association also insists that the 2007 budget surplus be redistributed, and that more funds be allocated for transport infrastructure at the expense of the social expenditures.

Its members call upon the Bulgarian political elite, the trade unions, and the employers to concentrate all of their efforts on anti-crisis measures and programs.

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