UN: Bulgaria is in the Group of Developed Economies, But not the Rich

World | December 12, 2017, Tuesday // 17:11| Views: | Comments: 0
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Bulgaria: UN: Bulgaria is in the Group of Developed Economies, But not the Rich Source: Pixabay

The Bulgarians are fortunate enough to live in the economically developed part of the planet but can not yet skip the threshold and enter the group of the highest income countries in the world where is all the rest of the EU except our neighbors Romania and Croatia.

This points to the global view of the world situation presented in the UN Annual Report containing the projections for 2018.

On the one hand, Bulgaria falls into the highest economic category of the United Nations - the developed countries with a total of 36 countries: all EU countries plus USA, Canada, Australia, New Zealand, Japan, Norway, Iceland and Switzerland. The largest group is the emerging economies - a total of 124 countries mainly in Africa, Asia, Latin America and the Caribbean, including China. 17 other countries are ranked as transition economies - mostly Balkan countries outside the EU and former Soviet republics.

On the other hand, however, Bulgaria can not yet fall into the category of the richest countries ranked on the basis of the indicator Gross National Income (GNI) per capita. It does not directly involve the wages and incomes of citizens, but can be viewed as a measure of the overall well-being of the society in question. Our country is in the second best wealth category of a total of four - the so-called middle-income countries (upper middle income). Currently, this group includes 47 countries with GNI per person between 3956 and 12.235 dollars. The historical reference to the World Bank website, the methodology of which is used in the UN report, shows that after the changes in Bulgaria in 1989, Bulgaria has long been in the category of middle-to-low income countries, poor economy. The historic jump happens in 2006 when Bulgaria jumps into the higher category. Since then, however, it has not been possible to move forward. In neighboring Romania, the change is happening a year earlier - in 2005. The group of the richest countries, with the highest GNI per capita, is 50 countries. These include most EU countries, including the Czech Republic, Estonia, Greece, Hungary, Latvia, Lithuania, Poland, Slovakia and Slovenia. In the runner-up category, which also includes Bulgaria, there are only two more EU countries - Croatia and Romania.

The lowest performing countries are in the low income category, ie a gross national income per capita of less than $ 1005. In its report, the UN forecasts a little lower growth in Bulgaria in 2017 and 2018 compared to the government's forecast - 3.6% for the two years compared to 4% expected by the Cabinet this year and 3.9% - in 2018. The World Economy this year is growing by about 3 percent, which is a significant acceleration over last year, "said Associated Press.

According to the UN, the rise is mainly due to the faster growth of large developed economies, with East and South Asia remaining the "most dynamic" regions in the world. The document notes that from 2016, when growth was 2.4 percent, the index accelerated in nearly two thirds of the world.

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Tags: Bulgaria, developed, economy, UN, annual, reports
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