The World Bank has revised downwards its forecasts for Bulgaria's economy, estimating it is to expand by 1.8% in 2013, down from its earlier forecast at 2.5%. The country's budget has set it at 1.9%.

The latest version of the twice-yearly Global Economic Prospects report describes a "dramatic" easing of financial conditions around the world, stemming in part from policy changes to soothe the bond markets in Europe. Still, it warns that global growth will continue to be sluggish for years to come, Novinite reports.