Flight to Value and the Vineyards Resort
For those looking for a value there is no better place than the Vineyards on Bulgaria Black Sea Coast according to James Knight CEO of Knight International. Knight points to the fact that Bulgaria was among six Central and Eastern European countries whose economies could grow in 2009, if only marginally, the World Bank said in a report.
"Forecasts are subject to very high degrees of uncertainty, mostly on the downside," the bank said, but Bulgaria, the Czech Republic, Poland, Romania, Slovakia and Slovenia could each see up their economies expand by up to two per cent.
Hungary, however, would see its economy shrink by three per cent, while the Baltic states' economies could contract by as much as five to seven per cent, according to the report.
Lars Christensen, emerging markets economist at Danske Bank, quoted by Reuters, said that the report was overly optimistic: "It looks pretty much a fantasy scenario for the region. In our view no country in the region will see positive growth in 2009. A drop in GDP of seven per cent in Latvia for example would be a miracle."
A report by Citibank, quoted by Bulgarian-language daily Dnevnik, said that Bulgaria's currency board would help the country weather the turbulence.
The currency board is stable enough to deal with the shocks, since it has enough buffers in the fiscal and currency reserves, the report said. Alternatives like currency devaluation or adopting the euro were not the best solutions, it said.
The Vineyards is a Knight International Development set on rolling hills that gently slope towards the sea. A gated community of beautifully designed villas apartments and a 5* hotel and spa.