RADOSVET RADEV: THE BULGARIAN ECONOMY WILL START GROWING NO SOONER THAN NEXT YEAR

The Bulgarian economy will start growing after the crisis, next year at the earliest. The worst consequence of the pandemic is the delayed consumption - for this reason, the budget last year did not receive more than 1 billion leva – as stated by the Bulgarian Industrial Association.

According to the prognosis, the mass vaccination against Covid-19 will accelerate the economic recovery.

The pre-crisis levels of Bulgarian economic GDP are expected to be reached in 2022, but the first signs of the economic recovery in the production are already observed, and the vaccine against Covid-19 brings optimism- the Chairman of the Industrial Association Radosvet Radev commented.

"And from that point of view, that sense of universal risk seems to be disappearing. That guarantees a boost."

The best treatment for the economy is the consumption of households, according to business, and the Covid crisis has limited consumption drastically, Radev said.

"In Bulgaria during the second half of 2020, family deposits have risen to levels of 5 billion. Imagine 5 billion lv consumption. On 5 billion alone, 20% VAT is 1 billion – an amount of money that has not entered the treasury; that has have not entered the tax system ".