SOFIA, Bulgaria, Sept. 23 (UPI) -- The International Monetary Fund expects Bulgarian gross domestic product to grow by 5.3 percent in 2004, the organization said Thursday.
It issued a stark warning, however, that steps must be taken to curb the country's huge current account deficit, which it expects to rise to 8.8 percent of gross domestic product from 8.7 percent of gross domestic product last year.
Bulgaria is on track to join the European Union in 2007 or 2008 along with Romania and Croatia. However, the European Union is concerned the country will need to make big strides in economic development if it is not to become a burden to existing members upon accession.
Wages, for example, are less than $200 a month for most workers.
The economy, however, has been growing robustly. In the second quarter of this year gross domestic product grew by 6 percent.
