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Bulgaria Industrial Association Predicts 20% 2010 Unemployment

Date: 31.01.2010

The Bulgarian Industrial Association (BIA) has reported that they expect the real unemployment rate in Bulgaria to reach 19-20 % by the end of 2010.

The BIA stated Wednesday that the ongoing severe economic crisis causing severe and prolonged cuts in exports, investment, production, trade and services will lead to increased unemployment.

Regarding the unemployment rate of 9.13 % reported by the center-right GERB government at the end of 2009, the BIA said that this figure is nearer 13 % when non-registered unemployed Bulgarians are taken into account.

They added that the expected increase of Bulgarian economic emigrants returning to Bulgaria in 2010 along with the long-term unemployed and newly unemployed people will lead to the country reaching a critical threshold of social tolerance in December 2010.

The BIA concluded that the Ministry of Labor and Social Policy’s ‘National Action Plan for Employment’ should be complemented by accelerating the launch of major projects in basic infrastructure, energy, transport and mobilization of additional private financial resources to avoid an unemployment crisis.

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