Corruption Hampers Bulgaria's Economic Growth – IMF

Economic growth in Greece, Bulgaria, Romania and Hungary are hampered by corruption, according to Aasim Husain, Deputy Director in the European Department of the IMF.

Husain, as cited by Macedonian daily Utrinski vestnik, suggested that the fastest growing economies in Eastern Europe would be Poland and Latvia, which were recovering quickly from the big decline registered during the economic crisis in 2008.

He predicted an economic growth of 5% for Poland and Latvia.

Husain suggested that Macedonia's economy would grow by over 3.5% in 2014 and 2015, adding that the entire region was expected to register growth.

He said that Macedonia's economic growth had started to recover in 2013.

He claimed that the main task for the region, especially indebted countries like Croatia and Serbia, would be to secure a growth in credit lines for the economy, as well as financing through loans from abroad.

He argued that the level of indebtedness of the two countries would decelerate economic growth.

Husain also pointed out that the emergency situation caused by the torrential rains in Bosnia and Herzegovina and Serbia would also have an impact on the economic growth in 2014.

He also cited the crisis in Ukraine and the calls for imposing stronger sanctions against Russia in the EU as cause for concern.