Bulgaria Grapples with Soaring Corruption Rates: New Report Reveals Shocking Data
Corruption in Bulgaria has soared to its third highest peak in history, according to a recent report by the Center for the Study of Democracy
The International Monetary Fund (IMF) has stated that Bulgaria is in a dangerous position because of its reliance on foreign capital.
"The Bulgarian economy is coming off an investment and consumption boom as its reliance on foreign capital places it in a vulnerable position," the IMF said late Tuesday.
"The country's capital-inflows-driven boom has come to an end," the IMF said in a report issued after an annual review of Bulgaria's economic performance. "The real economy is slowing down."
Still, Bulgaria closed 2008 as one of the fastest-growing countries in Europe, reporting an estimated 6% gross domestic product gain for the year, Dow Jones reported.
The IMF is suggesting Bulgarian authorities prioritize maintaining confidence in the country's banking system, which it describes as "well-capitalized, liquid and highly profitable."
"A severe recession could cause nonperforming loans to increase and bank capital to erode," the IMF concluded.
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Experts suggest that Bulgaria's admission to the Eurozone is more realistic in January 2026
February witnessed a surge in remittances from Bulgarians residing abroad, reaching a remarkable EUR 110.5 million, marking the highest value since last July
Amidst financial fluctuations and strategic fiscal decisions, Bulgaria's Minister of Finance, Lyudmila Petkova, unveils the nation's robust fiscal reserve, standing tall at BGN 10.9 billion as of April 18th
Sofia, the vibrant capital of Bulgaria, is experiencing a surge in its economic landscape, surpassing the average European standard of living, according to senior researcher Peter Ganev from the Institute for Market Economics
Mounting uncertainty looms over Bulgaria's anticipated entry into the Eurozone, with officials cautioning that the prospect may be delayed amidst persisting inflation challenges
According to the latest data released by the National Statistical Institute, Bulgarian household incomes experienced a remarkable surge in 2023, reaching an average of BGN 10,846 per household member.
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