Bulgaria: 2012 Article IV Consultation--Staff Report; Public Information; and Statement by the Executive Director for Bulgaria

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International Monetary Fund, Dec 13, 2012 - Business & Economics - 82 pages
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Bulgaria did not have any exchange rate crisis, international bailout, bank intervention, or build-up of public debt. This attests to the strength of the policy framework and policy implementation. The fiscal adjustment achieved so far should be preserved, but improving the composition of the budget would support growth. The financial system is stable with high buffers, but the low growth environment poses challenges. Executive Directors suggest the need for some structural reforms.
 

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Contents

STABILITY WITH INSUFFICIENT GROWTH
1853
Trends in Recovery Following Domestic Demand Collapse 20031 1
1855
Real Sector Developments 200712
1862
External Sector Developments 200312
1864
Fiscal Developments 200115
1875
Inflation and Credit Developments 200812
1879
ECONOMIC OUTLOOK AND RISKS
1883
Financial Sector Indicators June 2012
1906
Asset Quality June 2012
1908
Labor Market Developments 19982012
1918
STAFF APPRAISAL
1922
Financial Soundness Indicators 200912
1944
Selected Economic and Social Indicators 200915
1972
BOXES
1974
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