Petar Chobanov: The Bulgarian Economy Will Stabilize in Mid-2010

"Bulgaria is a positive example of sound fiscal policy amid the global financial crisis." This was stated by Petar Chobanov, Executive Director of the Agency for Economic Analysis and Forecasts (AEAF), at a discussion dedicated to the consequences of the global economic crisis. During his participation in the forum, the prominent Bulgarian economist also outlined the expected development of the macroeconomic situation on a global scale. He stated that stabilization of the financial markets in the United States is expected by the end of the third quarter of this year, which will effectively be reflected in Bulgaria's economy around mid-2010. In addition to Petar Chobanov, members of the club itself—representatives of the real business sector in our country—also took part in the meeting organized by President's Club Bulgaria. During the discussions, special attention was paid to the state of Bulgarian market relations in the difficult economic situation, the measures taken to curtail the negative consequences, and the possible scenarios for stabilizing the situation. The participants shared their personal impressions of the impact the crisis is having on various industries and outlined the specific measures they themselves have taken to overcome the difficult situation. Overall, the prevailing view was that the negative trends being observed call for well-considered optimization of expenditure in both the private and public sectors.