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🇧🇬 Bulgaria /Economy & Trade

Pekanov: Difficult to achieve 3% deficit without harming economy

From Dnevnik · () Bulgarian

Translated from Bulgarian, summarized and contextualized by DistantNews.

At a glance

News Named sources Context piece
  • Bulgaria's Deputy Prime Minister Atanas Pekanov stated that achieving a 3% budget deficit this year is very difficult without harming the economy.
  • Pekanov warned that excessive austerity could negatively impact living standards.
  • He emphasized the delicate balance between fiscal discipline and economic well-being.

Achieving Bulgaria's 3% budget deficit target this year presents a significant challenge, according to Deputy Prime Minister Atanas Pekanov. He cautioned that imposing overly strict fiscal measures could stifle the economy and negatively affect citizens' living standards.

Speaking to Nova TV, Pekanov highlighted the difficult balancing act policymakers face. "It is very difficult this year to achieve a 3% budget deficit if we do not want to suffocate the economy," he stated. He further elaborated that pushing the deficit "down too much will also have an effect on the standard of living."

It is very difficult this year to achieve a 3% budget deficit if we do not want to suffocate the economy.

— Atanas PekanovDeputy Prime Minister Atanas Pekanov explaining the challenges of meeting fiscal targets.

Pekanov's remarks underscore the government's concern about the potential economic fallout from aggressive austerity. The administration appears to be prioritizing a more measured approach to fiscal consolidation, seeking to avoid measures that could lead to widespread hardship or hinder economic recovery.

If we push it down too much, it will also have an effect on the standard of living.

— Atanas PekanovDeputy Prime Minister Atanas Pekanov warning about the consequences of excessive austerity.
DistantNews Editorial

Originally published by Dnevnik in Bulgarian. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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