In the UN’s 2018 annual World Economic Situation and Prospects (WESP) Report, Bulgaria is in the group of 36 countries with an advanced economy, alongside all EU members, plus USA, Canada, Australia, New Zealand, Japan, Norway, Iceland and Switzerland.

The group of developing economies comprises a total of 124 countries, mostly from Africa, Asia, Latin America and the Caribbean region, as well as China. Another 17 countries are described as economies in transition – mostly the Balkan non-EU members and the former Soviet republics.

Though it is in the group of countries with an advanced economy, Bulgaria is not in the group of the wealthiest nations by per capita Gross National Income (GNI). It falls in the group of 47 upper middle income countries, in which the per capita GNI is 3,956-12,235 USD.

For many years, after the changes in 1989, Bulgaria was in the lower middle income category, i.e. countries with a poorer economy. In 2006, it was upgraded to the higher category, though since then it has not budged forward.

There are 50 countries in the category of the richest, where the per capita GNI is highest. They include most of the EU members, including the Czech Republic, Estonia, Greece, Hungary, Latvia, Lithuania, Poland, Slovakia and Slovenia. Bulgaria is in the next best category, along with two other EU members – Croatia and Romania.

The low income category comprises countries where the per capita GNI is below 1,005 USD.

The UN’s economic growth forecasts for Bulgaria in 2017 and 2018 are a little lower than the forecasts of the government. According to the UN, the Bulgarian economy will mark a growth rate of 3.6 percent over both years, whereas the government predicts an economic growth of 4 percent in 2017 and 3.9 percent in 2018.

Edited by Stoimen Pavlov

English version: Milena Daynova