One in five Bulgarians to be jobless in 2010

One in five Bulgarians will remain jobless in 2010, Bulgarian Industrial Association (BIA) chairman Bozhidar Danev pointed out. The government projects an average unemployment rate of 11.5%, which means that end-year unemployment will reach 13.7%. If the 180,000 discouraged jobless are added to the figures, the actual unemployment level will reach about 20%, BIA reckons. The share of the unemployed in some municipalities in northern Bulgaria may even hit 60%. High unemployment may ruin Bulgaria’s social security system, consumption and budget revenues and compromise the recovery from the downturn, Danev underscored. According to BIA, the crisis will hit bottom in the second quarter of 2010 but Bulgaria will need years before the economy reaches its pre-crisis growth levels.

Finance