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BAS: Stagflation will hit Bulgaria, if war in Ukraine continues

Photo: iStock

Annual average inflation of 11.9% is the government's forecast in the July 1 budget update. The draft is on the finance ministry's website and proposes the government's borrowing limit to be raised to €5bn.


The unfavorable prospects for the budget will severely hamper Bulgaria's accession to the Eurozone in 2024, according to the Annual Report on Economic Development in the country by the Economic Research Institute at the Bulgarian Academy of Sciences .

If the war in Ukraine continues, stagflation is a possible scenario for the Bulgarian economy in 2022 because higher energy prices make exports more expensive and uncompetitive as foreign markets shrink, the report says.




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