Bulgaria Could Lose 18,000 Jobs in Case of Brexit Without a Deal

Politics » DOMESTIC | August 11, 2019, Sunday // 10:09| Views: | Comments: 0
Bulgaria: Bulgaria Could Lose 18,000 Jobs in Case of Brexit Without a Deal

If Britain leaves the European Union without a deal, Bulgaria could lose up to 17,890 jobs, according to a report prepared for the Ministry of Foreign Affairs of the Flanders Region, Belgium, Leuven University. For the whole European Union, the loss will be within 1.2 million jobs. Unsurprisingly, the UK will suffer the most - as many as 500,000 jobs. Germany will bear the brunt of 292,000 lost positions and France and Italy - 141,000 and 139,000 respectively.

The report does not focus on Bulgaria, with only estimates of job losses - nearly 18,000 in hard Brexit and around 4,000 in agreement.

A recent analysis by the Institute for Market Economics (IME) also shows in which sectors Bulgaria's largest exports to the island are exports, which will be hampered by customs duties in the event of a Brexit deal. These are furniture (worth $ 85 million in 2017), followed by medicines ($ 73 million), machinery, clothing, and nuts. In 2018, our country's total exports to the UK is BGN 1.36 billion, which places it among our most important trading partners. Another sector affected may be tourism. In 2018, British visits to the country were 424,000 against 371,000 a decade earlier. This puts the UK in 10th place in the number of visits to the country last year (between Poland and France), with a share of 3.43% of all foreign visits to the country. The UK is also among the most important investors in Bulgaria, ranking fifth.

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