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Bulgaria economists ask cabinet to create expert group to follow global crisis

Date: 26.11.2008

Bulgarian economists from the Economy Institute at the Bulgarian Academy of Sciences (BAN) proposed on Monday to the Cabinet to establish special expert group to follow the development of the financial crisis in the country.

The economists stated that such crisis was not something familiar to Bulgaria and there was a risk to underestimate its negative effects. They also said they expected a significant increase of the unemployment rate in the country, not to surpass 10%.

The expected unemployment increase would be of 1% to 2% due to the return of many Bulgarian emigrants from countries such as Greece and Spain, which are suffering the crisis effects. There is also a forecast of a slowdown of the nominal salary increase in Bulgaria.

The effects of the global financial crisis are going to be felt in all sectors of the economy, the Institute Director Mitko Dimitrov explained, adding that the best way to deal with them was to create a group of experts to follow the developments.

Professor Garabet Minasyan pointed out that the real estate sector was going to face the most serious problems and consequences.

The economists did however say that Bulgaria was not going to fall into a recession and the economic growth would remain positive in 2009.

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