There are no clear indicators, as yet, to what an extent our economy will plunge
As the Covid-19 pandemic was raging economic experts and analysts warned that the world was facing the deepest economic crisis, comparable to the great depression of the 1930s. According to European Commission forecasts development in many countries will decline considerably, with the effects on the world economy expected to be far worse than after the financial crisis of a decade ago. As to Bulgaria, the expectations are of a 7.2% decline in the economy this year, with the unemployment rate surging up to 7%.
“Things in this country are a little bit different than in the other European countries like Spain, Italy, France, even Luxembourg is in bad shape,” says Alexander Zagorov, confederal secretary of the Pokrepa Confederation of Labour. “If we are to compare economies – their enterprises are the engine of Europe, ours are in the periphery. We make the parts, they put the car together. Fortunately, we have wonderful conditions that can be made us of, like climate, farming opportunities, forestry. Unfortunately, we export workers whom we are unable to retain, to work in the agriculture and forestry of other countries of Europe.”