## Bulgaria: 2022 Article IV Consultation - Press Release; and Staff Report for Bulgaria

_IMF Staff Country Reports, June 24, 2022_

## Source details

**Canonical URL:** [Bulgaria: 2022 Article IV Consultation - Press Release; and Staff Report for Bulgaria](https://www.imf.org/en/publications/cr/issues/2022/06/24/bulgaria-article-iv-consultation-press-release-and-staff-report-for-bulgaria-519932)

## Other formats

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## Bibliographic details
- Published: June 24, 2022
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400212659.002

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### Overview
- The economy showed resilience through the pandemic, but the war in Ukraine has clouded the outlook, heightened uncertainty, and increased downside risks.
- With policy support, growth rebounded in 2021 despite the lingering COVID-19 crisis and protracted political uncertainty that hampered investment.
- Inflation accelerated significantly, pushed by global factors and strong domestic consumption.
- GDP growth is projected to slow below 3 percent and average inflation to exceed 12 percent in 2022.
- Policies must navigate difficult trade-offs to support activity, meet needs from the war, and contain inflation, while raising living standards, reducing inequalities, and supporting the green transition.

### Economic Performance (Key findings)
- 2021: Growth rebounded despite COVID-19 and political uncertainty that hampered investment.
- Inflation dynamics: Accelerated significantly due to global factors and strong domestic consumption.
- War in Ukraine: Introduced heightened uncertainty and increased downside risks to the outlook.

### Outlook and Risks (Projections and uncertainties)
- GDP growth: Projected to slow below 3 percent in 2022.
- Inflation: Average inflation projected to exceed 12 percent in 2022.
- Risks: Increased downside risks stemming from the war in Ukraine and elevated uncertainty affecting investment and activity.

### Policy challenges and recommendations
- Trade-offs: Policies need to balance supporting activity, meeting needs arising from the war, and containing inflation.
- Social and structural goals: Policy mix should also aim to raise living standards, reduce inequalities, and support the green transition.
- Implicit guidance: Maintain policy support where needed while addressing inflationary pressures and pandemic- and war-related needs.

### Publication metadata (selected)
- Series: Country Report No. 2022/190
- Pages: 68
- Volume: 2022
- Issue: 190
- DOI: https://doi.org/10.5089/9798400212659.002

*International Monetary Fund. "Bulgaria: 2022 Article IV Consultation - Press Release; and Staff Report for Bulgaria."*

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## Content in this bundle

- **1bgrea2022001**
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_Source: https://www.imf.org/en/publications/cr/issues/2022/06/24/bulgaria-article-iv-consultation-press-release-and-staff-report-for-bulgaria-519932_