OECD: The pandemic has interrupted an impressive progress of Bulgarian economy

published on 1/29/21 1:55 PM

Photo: oecd.org

The Covid-19 outbreak abruptly stopped several years of robust economic growth in Bulgaria, reads the second economic survey of Bulgaria of the Organization for Economic Cooperation and Development (OECD), BNR reported. The survey was presented today in an online meeting with the participation of Bulgaria's Prime Minister Boyko Borissov and the OECD Secretary General Angel Gurria.

The document reveals that there is rising inequality and persistently high poverty in the country, with a widening gap between poor and rich people in Bulgaria. The need for a better business environment and clearer administrative regulations is pointed out. Efforts to fight corruption and crime must continue, the survey reads.

The issue of minorities is also being addressed in the document, saying that 1/10 of Bulgaria's population is of Roma origin, but lives in socially excluded neighborhoods. The need for reforms in education is also emphasized.

The OECD expects that Bulgarian economy will grow by 3.3% in 2021, unemployment will remain above 6%, inflation will amount to 1.4%. A budget deficit of 4.5% of GDP is forecasted.

There is still no consensus on Bulgaria's application for membership in the organization, Gurria said.

Share

Bulgaria's membership in OECD still under question

OECD: The pandemic has interrupted an impressive progress of Bulgarian economy

More from category

Political instability is a major challenge for German investors in Bulgaria

Experts about Bulgaria’s financial policy as the country edges towards a new parliament and a draft budget for 2025

IMF predicts 2.8 per cent inflation in Bulgaria in 2024

The value of the small consumer basket in Bulgaria has not changed in a year