Bulgaria

Bulgaria's economy performed relatively well during the crisis and the economy is reviving. In comparison with other Tenth European Union (EU10) countries, for Bulgaria... Show More + the drop in Gross Domestic Product, or GDP growth was below the median, fiscal performance deteriorated less, and public debt stayed among the lowest in the entire EU. In late January 2011 the EC concluded that in 2010 Bulgaria had made significant progress in deficit reduction and is on track to exit the excessive deficit procedure in 2011. The large macroeconomic imbalances observed in 2005-08 had been corrected by 2010 with relatively little negative impact on growth relative to other EU10 countries. Since late 2010 Bulgaria's recovery has been driven by net exports; investment and consumption are recovering more slowly. As long as the economic environment remains favorable and structural reforms are implemented as planned, the economy should reach and even exceed its pre-crisis level in 2012. This report is intended to inform policy makers, the international community, and civil society about Bulgaria's recent economic performance and its options for reforming public spending to enhance competitiveness and growth. It first reviews Bulgaria's growth strategy and its fiscal adjustment over the last several years and the medium-term challenges it confronts. The report then analyzes Bulgaria's export performance to identify comparative advantages and outline policy options to enhance competitiveness in the medium term. Reforms should focus on improving the productivity of the public sector to enhance service delivery, improve the business environment, and upgrade infrastructure. The report identifies two general areas for reform: (i) the wage bill and public employment; and (ii) management of public investment. Show Less -

This report provides estimates of the level poverty and changes in living conditions between 2003 and 2007 in the new European Union (EU) member state Bulgaria. This... Show More + report fills key gaps in the understanding of the state of welfare in Bulgaria and its future trends. It provides an assessment of changes in living standards since 2003, a period of sustained robust growth and intensive reform efforts leading to successful EU accession, and the current profile of the poor. The report quantifies the level of deprivation and the gains in poverty reduction and overall welfare improvements in different segments of Bulgaria's population. The study aims to support policy discourse on poverty reduction and strengthening of social protection by providing a robust assessment of living conditions among various individual, household, geographic, and socioeconomic groups and of the actual and likely future effectiveness of current poverty reduction policies. The report is organized as follows. Section two examines welfare trends between 2003 and 2007, decomposes changes in poverty, and links poverty outcomes to growth. In section three, the poverty profile is presented based on the results of the 2007 Multitopic Household Survey (MTHS) data. Correlates and determinants of consumption expenditures are presented in section four. Annex A provides a detailed account of the concept of poverty and the methodology used for measuring poverty in this report. Annex B presents supplementary data. Show Less -

Sustained improvements in living standards depend on broad-based economic growth. This will only take place when firms improve worker productivity by investing in human... Show More + and physical capital and increasing their technological capacity. But firms will only invest when the investment climate is favorable. The goal of the Bulgaria Investment Climate Assessment (ICA) is to evaluate the investment climate in all its operational dimensions and to promote policies to strengthen the private sector. The ICA is largely based on results from the World Bank Enterprise Survey. The 1,000-firm survey was conducted in late 2007 and collects detailed information on firm performance, what managers see as the main obstacles that they face, and objective data on various aspects of the investment climate. Additional sources of information are used to supplement the survey data, including the World Bank's Doing Business Report, a study that provides detailed, comparable data on regulation across the world, data from the National Statistical Institute, and reports from the Government of Bulgaria, the World Bank, the International Monetary Fund, the European Union, academics, and other sources. Show Less -

Sustained improvements in living standards depend on broad-based economic growth. This will only take place when firms improve worker productivity by investing in human... Show More + and physical capital and increasing their technological capacity. But firms will only invest when the investment climate is favorable. The goal of the Bulgaria Investment Climate Assessment (ICA) is to evaluate the investment climate in all its operational dimensions and to promote policies to strengthen the private sector. The ICA is largely based on results from the World Bank Enterprise Survey. The 1,000-firm survey was conducted in late 2007 and collects detailed information on firm performance, what managers see as the main obstacles that they face, and objective data on various aspects of the investment climate. Additional sources of information are used to supplement the survey data, including the World Bank's Doing Business Report, a study that provides detailed, comparable data on regulation across the world, data from the National Statistical Institute, and reports from the Government of Bulgaria, the World Bank, the International Monetary Fund, the European Union, academics, and other sources. Show Less -