World Bank report on ‘Golden Growth: Restoring the Lustre of the European Economic Model’
19 March 2012
Penkov, Markov & Partners was invited to attend the presentation of the World Bank report on ‘Golden Growth: Restoring the Lustre of the European Economic Model’ at the National Palace of Culture on March 15th, 2012.
The presentation gathered over 100 senior representatives of the Bulgarian Government, the National Assembly, the private sector, academics and diplomats.
The report was presented by one of its authors, Mr. Indermit Gill, Chief Economist of the World Bank for Europe and Central Asia, who pointed out that in the last few decades Europe, following the golden rule of growth, has built a unique economic model based on a balance between how much people should work, and how much they should save and invest, in order for the future generations to live at least as comfortably as the present ones. Bulgaria, too, has become part of the European economic golden growth model, by taking advantage of the economic cohesion of the continent. However, we are faced with an adverse debt dynamic, as well as some seriously grave trends, which prompts more and more appeals for a ‘new model of growth’.
Mr. Simeon Dyankov, the Finance Minister, briefed the participants on the economic and financial situation in the country and fielded questions from businessmen and academics.