The majority of analysts and businesspeople have revised theireconomic forecast down this year, after a disappointing firstquarter.
Whilst businesspeople's forecasts lean towards a 2% economicdecline, analysts' estimates converge towards an around 1% GDPdecline this year.
The Government adopted the IMF's forecast of a 0.5% economicdecline, with the Ministry of Finance to rectify the budget basedon this figure.
Despite upbeat expectations at the beginning of this year,economic prospects have gradually worsened lately.
"Our previous forecast of a 0.5%-1% economic growth was based onthe positive effect of demand from abroad, but the deterioration ofglobal economic prospects, especially in Europe and the additionalausterity measures to be implemented by the Government, haveprompted us to revise our GDP forecast downwards - to an around1.5% decline for 2010," says Catalina Molnar, senior economist ofRBS Bank.
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