The business expects low economic growth, but also Bulgaria's acceptance into the Eurozone next year

Industry / Finance
3E news
article picture alt description

Photo: Bulgaria On Air, archive

The admission of Bulgaria to the Eurozone and the Schengen area are among the business priorities this year. Employers will announce today their forecasts and expectations for economic growth and the business climate in the country.

The business expects a decision on the acceptance of the European currency and its approval as an official means of payment to be taken by the middle of this year. Thus, from January 1, 2024, Bulgaria will become a member of the Eurozone.

By the end of the year, nationally represented employers' organizations expect our country to join the visa-free zone. What will the business gain, Vasil Velev, the chairman of the Association of Industrial Capital, commented to BNR. "We are consuming all the liabilities of the absence of a monetary and exchange rate policy, but we are not reaping the benefits of being in the Eurozone - better interest rates, access to financing and thus becoming a safer place for investment."

Businesses are cautiously optimistic about the year ahead and expect lower economic growth compared to 2022, but not a decline. And more - at least partial control of inflation.

"We have made a call to our members and to businesses when electricity prices are reduced, and they will be reduced by 15%, to use this reduction to reduce their production prices for their products and services," said Velev.



More from Finance: