Bulgaria Economic Snapshot
Economic Forecast Summary (May 2021)
After contracting by 4.2% in 2020, GDP is projected to rebound by 3.8% in 2021 and 4.4% in 2022. GDP will return to its pre-pandemic level at the end of 2021. The reopening of the economy will create renewed strength in household demand and business investment, which will replace government spending as the main engine of growth. The economic recovery will be reflected in gradual improvements in the labour market.
Reform Priorities (April 2021)
Going for Growth 2021 - Bulgaria
The pandemic risks interrupting impressive income convergence and raises the urgency of making growth more inclusive. Addressing long-standing patchy coverage of social benefits and improving provision and efficiency of education and training should become top policy priorities in the recovery.
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2021 Structural Reform Priorities
- Social protection: Reducing poverty and social exclusion
- Education and skills: Increasing skills at all ages
- Competition and regulation: Enhancing the business environment to facilitate reallocation
- Governance and legal system: Improving governance for a stronger post-COVID-19 recovery
- Fiscal framework and infrastructure: Increasing public investment to support growth