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Moody's rates Bulgaria and Estonia as two of the strongest economies
Updated: 2009-03-11

Moody's rates Bulgaria and Estonia as two of the strongest economies in Eastern Europe

11th March 2009

Banking and financial analysts Moody's announced yesterday in a report that the Bulgarian and Estonian economies were two of the best positioned in Eastern Europe to weather the economic slowdown. With stable credit indicators and large fiscal reserve, Bulgaria is a lot less likely to ask for financial support from abroad.

Ivailo Vesselinov, a Dresdner Kleinwort senior economist in London, commented Bulgaria also benefits from a low public debt, which speaks for 14.9% of its gross domestic product (GDP).

However, Vesselinov predicts that Bulgaria is not in the clear just yet and there may still be problems ahead.

Commenting on forecasts by the Bulgarian National Bank governor Ivan Iskrov that the inflation will slow to 2.5% in 2009, Vesselinov said that a country’s entry into the Exchange Rate Mechanism 2 currency grid sends out a positive signal to investors as the European Central Bank can also run to the rescue if needed.

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