(C) GDP growth for 2009 revised upwards from negative 6% to negative 4.9%. So what…?

The Ministry of Finance has recently announced upward revision of the 2009 GDP growth from -6% to -4.9%. Having in mind that 2009 is practically over, there is high probability that the ministry of finance is rather close to the real numbers. The discussion, however, should not be on the topic of “projected change in any number related to the economy”. The human inability to forecast has been rebutted empirically and the debate on forecasting, currently remains a discussion topic only in the evening classes of a third-world, vocational schooling.

The focus of the council of ministers, their aides, the financiers, the economists, the businessmen and all the individuals, should be the development of conditions favoring a sustainable economic growth, namely: diminishing role of the proved inefficient state interference in the economy; development of attractive conditions for efficient foreign direct investment, which add value in the economy; technological development, to improve the exportability of the Bulgarian goods and steps for drastic improvement of the educational and intellectual value-added, hence the value added in the products and services the country offers.

Gazing too long and too much into historical or forecasted data, I am afraid we continue neglecting the fundamental role of the above mentioned factors and continue working against our economic interests.