UniCredit Bulbank: Bulgarian economy will slowly recover in 2021

Bulgarian economy has been shrinking in the last trimester of 2020, but the same trend is expected to persist in the first months of 2021 too, forecast UniCredit Bulbank experts in their three-month analysis of economic development of the Central and East European countries.

The bank experts say that loosening of the anti-epidemic measures is expected in March which will result in a better performance of the GDP in the next trimester.  

We expect the GDP to grow significantly in the first trimester of 2021 because the immediate impact of the pandemic on economy will lose its grip and further implementation of financial stimuli will ensure the necessary additional support, the analysts believe.

As regards the business performance of the sectors most affected by coronavirus, UniCredit Bulbank expects that in tourism and similar sectors the activity will remain low, as the “positive effects of vaccination will need time to manifest themselves.”