Bulgarian economy is currently booming, with GDP marking 3% growth and unemployment dropping to a decent 7.5-percent level. The incomes of the poorest EU citizens have also been growing. However, Bulgarians continue to be dissatisfied with their standard of living, while the government keeps bragging about having the biggest contribution for this prosperity. Whether it is so or business has been naturally recovering from the severe financial and economic crisis of 2008 does not seem so important. The important thing is that Bulgaria has actually been marking progress and getting closer to the average European levels in terms of economic development and standard of living.

Bulgaria is a small country with a small economy, but is very open to international markets. This means its business is highly dependent on imports and exports. In other words, Bulgarian business should produce and offer only high-quality and cost-attractive products to keep its positions in the domestic market and to be able to export abroad. Here comes the question of competitiveness of small but flexible and adaptive Bulgarian business. It has obviously taken the right track, as shown not only by statistics on domestic consumption, imports and exports, but also by one of the most prestigious studies of competitiveness in the world  - the Global Competitiveness Report of the World Economic Forum /WEF/ in Davos. The latest edition of the forum presented an optimistic and positive assessment about Bulgaria. In any case the assessment was better than previous ones and above the world-average. Indeed, Bulgaria has moved 4 places up the world ranking, going from 54th to 50th position among nearly 140 countries. This is not a top position but is more than satisfactory for a modest economy like the Bulgarian one. Moreover, Bulgaria places at a better position than a number of EU Member States, such as Romania, Hungary, Slovenia, Slovakia...

WEF analysts have pointed out that the increasing competitiveness of Bulgarian economy and its improving potential to conquer new markets is due to technological readiness, macroeconomic stability, the good situation on the labour market, the level of development of business and innovations.

WEF experts, however also point out obstacles that hinder the rise of efficiency of Bulgarian economy. Actually, they have not said anything new that could surprise international observers or the Bulgarian government. The main obstacles to business remain incompetence and inadequacy of the state institutions and their management decisions, massive and devastating corruption, hesitant and uncertain justice system. Otherwise, conditions for continuing the rise of productivity and competitiveness have not been missing – the good level of innovations in Bulgarian business, excellent high-quality Internet access, as well as the presence of foreign investors, working in the high-tech sphere.

It seems Bulgarian business and Bulgarian institutions have started to realize that in a globalizing world, there is place only for the most flexible, adaptable and competitive entrepreneurs, who could find their place under the sun.

English: Alexander Markov