Joining the single European currency could help Bulgaria weather the global financial turbulence, it has been suggested.

Ivo Prokopiev, chairman of the Confederation of Employers and Industrialists in Bulgaria, stated that the country has a much lower level of state debt than many other nations.

Speaking to the Standart, he said this has helped to make the eastern European country one of the most stable economies in the continent at the moment.

However, he predicted that that the global crisis would lead to a drop in the amount of foreign investment coming into Bulgaria, potentially affecting its economic outlook.

Mr Prokopiev commented: "Given the current financial situation, the national currencies of the developing economies are becoming risky."

He added that he expects the country to experience growth of between 2.5 and three per cent in 2009.

Bulgaria became a member of the European Union at the beginning of 2007.