{
  "title": "Bulgaria: 2015 Article IV Consultation-Staff Report; Press Release; and Statement by the Executive Director for Bulgaria",
  "publication": "IMF Staff Country Reports, May 13, 2015",
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  "summary": "This 2015 Article IV Consultation highlights that Bulgaria achieved modest economic growth in 2014, which is expected to continue in 2015, albeit at a lower rate. Consumer prices declined by an average 1.",
  "sections": [
    {
      "heading": "Overview",
      "content": "- Modest economic growth achieved in 2014 and expected to continue in 2015, albeit at a lower rate.\n- Consumer prices declined by an average 1.6 percent in 2014; projected to turn positive late in 2015.\n- The banking system has shown substantial resilience to the damage to confidence resulting from the bank failure.\n- The budget targets a 3 percent of GDP deficit in 2015, with a further 0.5 percentage point reduction per year in coming years.\n- Measures to improve the composition and quality of expenditure and mitigate contingent liabilities arising from state-owned enterprises remain the key priorities."
    },
    {
      "heading": "Economic performance and outlook",
      "content": "- 2014: modest growth (no specific growth rate provided in the source text).\n- 2015: growth is expected to continue but at a lower rate than in 2014.\n- Inflation: consumer prices declined by an average 1.6 percent in 2014; projected to turn positive late in 2015."
    },
    {
      "heading": "Banking sector resilience",
      "content": "- The banking system displayed substantial resilience following a bank failure that damaged confidence.\n- Emphasis on maintaining depositor confidence and liquidity support frameworks (keywords in source: liquidity support framework, support depositor confidence)."
    },
    {
      "heading": "Fiscal policy, public debt, and contingent liabilities",
      "content": "- 2015 budget deficit target: 3 percent of GDP.\n- Medium-term fiscal path: further reduction of the deficit by 0.5 percentage point per year.\n- Key fiscal priorities:\n  - Improve composition and quality of expenditure.\n  - Mitigate contingent liabilities from state-owned enterprises."
    },
    {
      "heading": "Subject areas and keywords (as provided)",
      "content": "- Subject: Banking, External debt, Financial regulation and supervision, Income, Labor, National accounts, Public debt\n- Keywords: asset-price uncertainty, Bulgaria, Bulgarian authorities, CR, Europe, government, government activity, government Spring Forecast, Income, income convergence, ISCR, liquidity support framework, support depositor confidence\n\n---\n\n Content in this bundle\n\n- cr15119\n  - cr15119 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - cr15119 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: May 13, 2015",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781475586961.002",
    "Modest economic growth achieved in 2014 and expected to continue in 2015, albeit at a lower rate.",
    "Consumer prices declined by an average 1.6 percent in 2014; projected to turn positive late in 2015.",
    "The banking system has shown substantial resilience to the damage to confidence resulting from the bank failure.",
    "The budget targets a 3 percent of GDP deficit in 2015, with a further 0.5 percentage point reduction per year in coming years.",
    "Measures to improve the composition and quality of expenditure and mitigate contingent liabilities arising from state-owned enterprises remain the key priorities.",
    "2014: modest growth (no specific growth rate provided in the source text).",
    "2015: growth is expected to continue but at a lower rate than in 2014.",
    "Inflation: consumer prices declined by an average 1.6 percent in 2014; projected to turn positive late in 2015.",
    "The banking system displayed substantial resilience following a bank failure that damaged confidence.",
    "Emphasis on maintaining depositor confidence and liquidity support frameworks (keywords in source: liquidity support framework, support depositor confidence).",
    "2015 budget deficit target: 3 percent of GDP.",
    "Medium-term fiscal path: further reduction of the deficit by 0.5 percentage point per year.",
    "Key fiscal priorities:",
    "Subject: Banking, External debt, Financial regulation and supervision, Income, Labor, National accounts, Public debt",
    "Keywords: asset-price uncertainty, Bulgaria, Bulgarian authorities, CR, Europe, government, government activity, government Spring Forecast, Income, income convergence, ISCR, liquidity support framework, support depositor confidence",
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