Skip to Main Navigation

Overview

Country Context

BULGARIA

2020

Population, million

6.93

GDP, current US$ billion

67.9

GDP per capita, current US$

9,793.5

Gini Coefficient (Gini coefficient of disposable income - 2020, Eurostat)40.0

Life Expectancy at birth, years (Most recent WDI value 2019)

74.9

Bulgaria has undergone a significant transformation over the past three decades. It has moved from a highly centralized, planned economy to an open, market-based, upper-middle-income economy securely anchored in the European Union (EU). In its initial transition to a market economy, the country went through a decade of slow economic restructuring and growth, high indebtedness, and loss of savings.

However, the advancement of structural reforms starting in the late 1990s, the introduction of a currency board, and expectations of EU accession unleashed a decade of exceptionally high economic growth and improved living standards. Yet, some legacy issues from that early period, the global economic crisis of 2008, and the pandemic-induced crisis in 2020 undid some of the gains achieved during the high-growth period.

Poverty and income inequality remain among the highest in the EU, pointing to the need for improved targeting and more adequate social support. Amid a rapidly aging and declining population, convergence to the EU can speed up only if the productivity gap shrinks markedly and governance and institutional weaknesses are decisively addressed.

Last Updated: Oct 13, 2021

LENDING

Bulgaria: Commitments by Fiscal Year (in millions of dollars)*

*Amounts include IBRD and IDA commitments

STAY CONNECTED

The World Bank
PHOTO GALLERY
More Photos

Additional Resources

Country Office Contacts

World Bank
Advance Business Center, 2 Samara Street, 1715, fl.4
Tel: (359-2) 969-72-29
Fax:(359-2) 971-20-45
Shared Services Center
Advance Business Center, 2 Samara Street, Sofia
Tel: (359-2) 801-83-00