By Anna Grybel-Klok

The Bulgarian economy is perceived as one of the most exposed to the crisis in the CEE region, mainly due to the high level of the current account deficit.

And even though the country's economy is expected to grow in 2009, it is still likely to be hit badly by the crisis.

Growth is expected to be much lower than in previous years. After recording GDP growth of 7% in Q1 and Q2 and 5.6% in Q3, it is likely that the economy will slow down to a still respectable 4%.

EBRD in November projected 3.8%, the IMF forecasts 4.2% (October 2008) for 2009, while the government's budget is based on 4.7% GDP growth and the Bulgarian Industrial Association believes that the growth is more likely to achieve only 2%.