Banks are amortized as an engine of growth

We have a situation that really cries for measures to allow exit from the crisis in the world and Bulgaria to begin a sustainable development, said in the presentation of the economic forecast Bulbank UniCredit CEO of Bank Levon Hampartzoumian, forward BGNES reporter.

According Harpatsumyan, real estate sector and financial sector in the recovery of the economy will be the engine of growth as before. Economic forecasts for 2009 indicate that there is no doubt that it will be a difficult year for the world and Bulgaria – can not be an exception. At present, however, comes a process that has a positive side – each revalued effectiveness of their business and readjusts in a more efficient and rational form. In the words of Hampartzoumian often talk that we are the poorest countries in the EU, but much less talk that we have the lowest labor productivity. If this does not change, the prospects for long-term and sustainable wealth will not be changed and will remain doubtful. „We have to take a cold shower to bath and have a social responsibility,“ he said.
Decline in gross domestic product from 6 percent this year from 3 percent in 2010 to UniCredit economists expect Bulbank. According to estimates by experts from the biggest bank in the country, the economy will go through a prolonged period of economic growth below potential compared with other countries. Export data reported average decline of 17.7 percent of annual industrial production. For the first two months of the second quarter of the year the decline is exacerbated by 21.1%. „The worst is for Bulgaria and the prospects for economic recovery now appears unclear and relatively remote in time“ said the chief economist of UniCredit Kristofor Pavlov. According to experts of UniCredit sectors producing low-tech products with low added value, reported a greater decline in production and sales of the sectors producing medium and high technology products with middle and high added value. Smallest is the decrease in so-called „atsiklichni sectors such as food and drinks. In the most serious delays were the sectors that most benefited from buma in investment and credit, such as construction and real estate. Pavlov said that should be retained jobs that are strategically important and may disappear.

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