Bulgaria's EU entry to aid economic growth

Sofiaecho.com, 2006-10-24

     Countries in Southeastern Europe would register nearly six per cent economic growth rate and would aid the overall economic developments in Europe in 2006, a report of Raiffeisen Research said.
     Bulgaria and Romania's expected EU entry and changes in the Central European Free Trade Agreement (CEFTA) would also affect these processes, the report said.
     Both Bulgaria and Romania tried hard to modify legislation and their administrations to meet EU accession requirements, the report said. Further effort was needed in the fight against corruption, money laundering and organised crime.
     Though the two countries received confirmation that they would enter the EU on January 1 2007, they would have to deal with stricter measures than the ones applied to countries that entered the EU in 2004, the report said as quoted by Bulgarian news agency BTA.
     Bulgaria's economic growth rate increased in 2006 to reach 6.6 per cent, exceeding initial prognoses of a 5.5 per cent growth rate.
     Industry and the services sector played most important role in this increase, the report said. Raiffeisen Research analysts said that the GDP growth rate in 2007 would remain above 5.5 per cent. It was expected to reach six per cent n 2008, the report said.
     Inflation in 2007 would reach five per cent. Prices would increase, once the country joins the EU, the report said. In 2008 inflation would decrease to four per cent.

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