Poverty in Bulgaria Up 2% Feb 2011 Y/Y

Business | February 21, 2012, Tuesday // 13:32| Views: | Comments: 0
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Poverty in Bulgaria Up 2% Feb 2011 Y/Y: Poverty in Bulgaria Up 2% Feb 2011 Y/Y The global economic crisis in 2009-2010 had hit Bulgarian households mainly through the shrinking labor market with increased unemployment and reduced work hours. File photo

Poverty in Bulgaria has increased by 2% in February 2011, compared to February 2010.

The unemployment rate hike and slumping income are affecting people leaving in the cities the most, and they become more and more impoverished.

The data comes from a joint research of the Open Society Institute and the World Bank, cited Tuesday by the Bulgarian National Radio, BNR.

The global economic crisis in 2009-2010 had hit Bulgarian households mainly through the shrinking labor market with increased unemployment and reduced work hours.

Despite the crisis triggering a significant decrease of the Gross Domestic Product, GDP, Bulgaria had managed to counter the worst effects for living standards by its adequate social protection policy, according to the World Bank report.

The poll was conducted among 2 400 households, with the majority saying that they felt the crisis mainly through employment and income. Families have been forced to tighten belts and limit their expenses for heating and electricity, food, education and savings.

Bulgarians have attempted to compensate for the reduced income mainly by working harder and longer hours, but only those with higher education have been successful with this strategy.

The report notes no changes in the poverty profile over the crisis – households at most risk of poverty are those where the head of the family is unemployed; those with low education, single mothers and families with many children.

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Tags: global economic crisis, crisis, Bulgarian households, labor market, unemployment, work hours, poverty, household, economic crisis, study, report, World Bank, Open Society Institute
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