BULGARIA’S LAGGING ECONOMY
GDP per capita in Bulgaria has been systematically lagging behind the corresponding indicator for former member states of the Council for Mutual Economic Assistance, which later joined the EU. Bulgaria's economic problems are somewhat traditional and remain unresolved. Bulgaria is the most corr...
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| Format: | Article |
| Language: | English |
| Published: |
Trakia University
2021-09-01
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| Series: | Trakia Journal of Sciences |
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| Online Access: | http://tru.uni-sz.bg/tsj/Volume%2019,%202021,%20Supplement%201,%20Series%20Social%20Sciences/Plenarni/formatirani/1.pdf |
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| Summary: | GDP per capita in Bulgaria has been systematically lagging behind the corresponding indicator for former member states of the Council for Mutual Economic Assistance, which later joined the EU. Bulgaria's economic problems are somewhat traditional and remain unresolved. Bulgaria is the most corrupt country in the EU. Legislation is unsustainable, chaotic and ineffective. The National Assembly often disregards the operation and requirements of its own laws. Bulgaria systematically maintains one of the lowest ratios of accumulation. The country is negligent in public investment and lags behind the other EU-countries. The overall regulatory and business climate in the country does not stimulate foreign capital inflow. A significant flight of local capital abroad has been observed. Bulgaria needs to maintain annual GDP growth rates in the range of 5-7% in order to be able to leave its last-ranking in the EU. The acceleration of economic development requires the raising of the population’s general political and economic literacy, as
well as improvement of the political infrastructure in accordance with modern standards. The functions and forms of macroeconomic policy should be reconsidered in accordance with modern standards, taking into account the impacts of our de facto membership in a monetary union. |
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| ISSN: | 1313-3551 |