World Economy

Bulgaria GDP Grows 57%

Bulgaria GDP Grows 57%Bulgaria GDP Grows 57%

“Bulgaria appears to be in the ‘happy medium’ in our group of country members of the International Monetary Fund (IMF), which has a real GDP growth of 57% in the period after 1999 and a total of drawn direct foreign investments of nearly $53 billion as well as direct investments made abroad estimated at $122 million,” said Ivan Iskrov, governor of the Bulgarian National Bank (BNB).

Speaking at a forum attended by representatives of countries in the IMF group and representatives of the World Bank organizations, he said, “Many of the countries in our group in the IMF and the World Bank develop in a similar historic and economic context. Along with that, the countries and regions represented here have needed to tackle their own specific challenges in the past years,” FOCUS News Agency reported.

He said Central and Eastern Europe had implemented serious institutional reforms and structural transformations as part of the processes of transition, EU membership preparation, and integration in the European and global economic and political space.

”Policies of radical economic reforms were conducted in our region – for instance, ones connected with privatization, ensuring flexible labor markets, economy liberalization, drawing foreign investments, and the fight against corruption and public sector inefficiency,” he noted.

“Not only the group as a whole but also separate member countries have gone historically speaking through the changes since 1999. The world’s geopolitical map changed in front of our eyes. This was visible in particular in this part of Europe, where four countries from our group (Bulgaria, Cyprus, Croatia, and Romania) joined the EU, while one of them became a eurozone member state (Cyprus). Today one of the biggest countries in our group, Ukraine, has also taken the road to Euro-integration and implementation of market reforms,” Iskrov said.