Bulgaria has made significant economic strides over the past 15 years – transforming into an upper-middle income country and a member of the European Union. Between 2000 and 2013, the country grew by 6% on average in per-capita Purchasing Power Parity (PPP) – well above the European Union (EU) average of 2.4%.
The onset of the 2008 financial crisis, however, has had a significant and lasting effect on this growth – putting the brakes on an investment boom that had buoyed growth in the country and requiring the development of new and bolder reforms to help the country navigate the new economic landscape in Europe and around the globe.
As the country continues down a path of reform, policymakers in Bulgaria are looking at ways to regain previous economic momentum and speed up growth in their efforts to achieve convergence with EU living standards.
One key area of focus, according to a new World Bank report, is productivity. The report, Productivity in Bulgaria: Trends and Options, looks at key areas for engagement to help the country return to stronger and sustained productivity growth – a main driver of long-term economic growth.