Bulgaria: 2007 Article IV Consultation-Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Bulgaria

Author: International Monetary Fund

Volume/Issue: Volume 2007 Issue 389

Publication date: December 2007

ISBN: 9781451804577

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Topics covered in this book

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Exports and Imports , Labor , Economics- Macroeconomics , Money and Monetary Policy , Public Finance , ISCR , CR , authority , saving-investment imbalance , EU accession , deficit , surplus , headline HICP inflation , headline inflation , revenue windfall , bank credit growth , investment boom , labor market condition , Current account deficits , Fiscal stance , Income , Global

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Summary

This 2007 Article IV Consultation highlights that Bulgaria’s large external imbalance has continued to widen. Driven by massive capital inflows, particularly foreign direct investment inflows, the current account deficit could reach a record level of 20 percent of GDP in 2007. Although the present level of the current account deficit is clearly above sustainable levels, external competitiveness has remained adequate. Bank credit has again started to expand rapidly after the administrative credit limits imposed during 2005–06 lapsed.