IMF projects 2.7% economic growth in Bulgaria in 2024, rising to 2.9% in 2025

The International Monetary Fund projects GDP growth of 2.7 per cent in 2024, rising to 2.9 per cent in 2025, according to the Fund’s World Economic Outlook report for April 2024.

It sees annual inflation in Bulgaria coming in at 2.9 per cent in 2024 and 2.3 per cent in 2025.

Global growth, estimated at 3.2 per cent in 2023, is projected to continue at the same pace in 2024 and 2025, according to the report.

The forecast for 2024 is revised up by 0.1 percentage point from the January 2024 World Economic Outlook (WEO) Update, and by 0.3 percentage point from the October 2023 WEO.

“The pace of expansion is low by historical standards, owing to both near-term factors, such as still-high borrowing costs and withdrawal of fiscal support, and longer-term effects from the Covid-19 pandemic and Russia’s invasion of Ukraine; weak growth in productivity; and increasing geoeconomic fragmentation,” the IMF said.

Global headline inflation is expected to fall from an annual average of 6.8 per cent in 2023 to 5.9 per cent in 2024 and 4.5 per cent in 2025, with advanced economies returning to their inflation targets sooner than emerging market and developing economies.

The latest forecast for global growth five years from now––at 3.1 per cent––is at its lowest in decades, the IMF said.

(Photo: Bruno Sanchez Andrade)

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