World Bank: Bulgaria Needs to Increase Productivity to Battle Demographic Crisis
A speeding up of the insolvency lawsuit procedures, providing of correct law implementation, improvement of the mechanisms of dealing with corruption and an improvement in the monitoring of the judiciary are all among the main recommendations of the World Bank to Bulgaria.
The information has been presented at a news conference as a part of the report on the country’s productivity.
The World Bank has recommended for more efforts to be employed in three main directions – more investment in human capital, higher pace of integration with the international economic network and an improvement of government especially when it comes to the judiciary.
Additionally, an increase in productiveness has been pointed out to be of key importance for Bulgaria’s economic growth. According to the data presented, labor productivity has marked merely a 3% increase from 2000 to 2013. The World Bank experts noted that this would be hardly enough if Bulgaria would like to reach the income levels of the rest of the EU.
‘’The average Bulgarian will need to be 30% more productive than people now,’’ said Dorte Domeland, a World Bank representative.
He noted that the increased productivity would be the only effective way for the country to deal with the demographic crisis.
The World Bank also points out that lack of investment in education across all levels would be detrimental to the progress of the country.
The institution also recommends that more public expenses need to be employed in scientific research and development, as well as in the improvement of the relations among businesses, the academic community and the public scientific research groups.
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