An expert panel of business and government representatives suggested

“An expert board including representatives of professional organisations and the Government should be established and it should set the country’s economic policy,” Georgi Chernev, Chairman of the Sofia Chamber of Commerce and Industry, suggested today. According to businesses, 2012 will be worse for Bulgaria than 2011 because of the strong inflationary pressure on the Bulgarian lev resulting from the depreciation of the Euro. All known macroeconomic indicators during this present crisis show untraditional behaviour. There is no ready formula for this overall and deep collapse,” said Chernev.

“It is not true that there is no crisis in Bulgaria. Perhaps, only the outsourcing companies do not feel recession. All other sectors face serious problems. It is a myth that there is no crisis in our country because we have a low budget deficit and that the countries with sovereign debts have greater difficulties than us,” stated Chernev. The turnover of small- and medium-sized businesses have fallen by more than 50%. In the gold business, for instance, the turnover has dropped by 90%, compared to 2008.

Businesses see a way out in three main directions: measures for increasing exports, encouragement of domestic consumption and attraction of foreign investment. “One of the main problems facing small-and medium-sized businesses is the administration, which plays the role of a supervisor or a racketeer rather than assisting and advising businesses,” said Gencho Velev, Managing Board member of the Sofia Chamber of Commerce and Industry. He gave as an example the delayed refunding of VAT to companies. “Businesses survive by mimicry or entering the informal sector,” pointed out Chernev. According to him, the helplessness in the EU as well is obviously since it cannot come out with a definite solution. A unanimous decision should be made but this is currently impossible.

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