What kind of economy does Bulgaria have in the EU?
What kind of economy does Bulgaria have in the EU?
Bulgaria, a former communist country that entered the EU in 2007, has an open economy that historically has demonstrated strong growth, but its per-capita income remains the lowest among EU members and its reliance on energy imports and foreign demand for its exports makes its growth sensitive to external market conditions.
When was the last Article IV consultation with Bulgaria?
The last Article IV Executive Board Consultation was on January 27, 2021. Listed below are items related to Bulgaria. “Presidential panel within the Business Forum on the topic: “Three Seas Initiative: A path to smart development and comprehensive economic growth”.
When did Bulgaria become a member of the EU?
Communist domination ended in 1990, when Bulgaria held its first multiparty election since World War II and began the contentious process of moving toward political democracy and a market economy while combating inflation, unemployment, corruption, and crime. The country joined NATO in 2004 and the EU in 2007.
When did Bulgaria become independent from the Ottoman Empire?
In succeeding centuries, Bulgaria struggled with the Byzantine Empire to assert its place in the Balkans, but by the end of the 14th century the country was overrun by the Ottoman Turks. Northern Bulgaria attained autonomy in 1878 and all of Bulgaria became independent from the Ottoman Empire in 1908.
Why did Bulgaria have a budget surplus in 2017?
Bulgaria’s prudent public financial management contributed to budget surpluses both in 2016 and 2017. Bulgaria is heavily reliant on energy imports from Russia, a potential vulnerability, and is a participant in EU-backed efforts to diversify regional natural gas supplies.
When did the economy of Bulgaria go into recession?
From 2000 through 2008, Bulgaria maintained robust, average annual real GDP growth in excess of 6%, which was followed by a deep recession in 2009 as the financial crisis caused domestic demand, exports, capital inflows and industrial production to contract, prompting the government to rein in spending.
