The business environment will remain inflationary, the war will be “with us” for at least three to four years and people will learn to live in these conditions. “What is important at the moment is to prevent political and economic attacks against Europe,” Finance Minister Assen Vassilev said at the 13th edition of the Money Talks event in Sofia.
“Failure to act quickly will lead to serious problems related to serious increases in the price of energy and food,” Vassilev said.
The Minister of Finance stated that at European Union level, coordination has begun in relation to the gas market. Work is underway to diversify resources and secure transport infrastructure. Bulgaria can use its Soviet-era transmission network, which can carry 20 billion cubic meters of gas from south to north. Of that amount, Bulgaria will need more than two billion cubic meters, Vassilev said.
He said Bulgaria could benefit from the grain crisis as well. Last year, its crop was seven million tonnes, of which five million were for export, he said.
The Bulgarian minister warned that if Europe does not intervene to solve the problems with food supplies and prices, the grains will go to China while Europe will have expensive food and a refugee crisis.
Vasilev said the Bulgarian economy was not expected to stagnate, as economists at the Bulgarian Academy of Sciences predicted on Monday. According to Vassilev, “inflation is mainly exported, with gas, oil and grain.”
SOURCE: ΑΠΕ-ΜΠΕ
Source: Capital
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