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Global economic crisis predicted to slow Bulgaria's economic growth to 5,5%

Date: 13.10.2008

Bulgaria's Deputy Prime Minister and Foreign Minister Ivaylo Kalfin predicted Sunday that the country's economic growth, which currently stands at 7%, would likely be slowed down to 5-5,5% as a consequence of the global financial crisis.

According to Kalfin, who is the Deputy PM in charge of the economy, the financial crisis would affect the inflow of foreign direct investments as well as Bulgaria's exports.

Kalfin was positive that the country would preserve its economic growth of 7,1% by the end of 2008 but even a growth of 5% in 2009 would be a success amidst the raging global crisis.

Meanwhile, Bulgaria's Economy Minister Petar Dimitrov predicted Sunday that the country's exports, which finally started to grow at a faster rate than the imports in the first half of 2008, would likely be hurt by the global financial crisis.

The decrease in the exports depends on the decrease of the demand in the EU for which 60% of Bulgaria's exports are destined, Dimitrov explained.

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