Bulgarian Economist: The Contribution of Ukrainian Refugees to the Economy is Enormous

World » UKRAINE | May 3, 2022, Tuesday // 11:59
Bulgaria: Bulgarian Economist: The Contribution of Ukrainian Refugees to the Economy is Enormous

The contribution of Ukrainian refugees to the domestic economy is enormous. This is what the economist Iskren Penchev said on the air of Nova TV today.

"The 11 billion that the Bulgarian government has spent to help refugees has not just been returned by the EU, but many times more. Our country is a serious beneficiary of Ukrainian funds. Since the start of the war alone, more than 3 billion euros in cash have been exported from Ukraine. We do not know whether these funds will be spent in Bulgaria, but the effect on the economy is visible. At least this will give liquidity to Bulgarian banks.”

“In any case, the money spent by Ukrainian refugees in our country is much more than the official data show. We have no information about the cash that enters the country," he explained.

According to him, most of the refugees participate in the real estate market not only through rents but also through direct purchases.

"This increases the demand for real estate, especially on the Black Sea coast, but also raises the price of existing real estate. It's called the ‘Wealth Effect,’" he said.

Penchev pointed out that Ukrainian companies fleeing their homeland are also interested in Bulgaria.

"They are mainly in the business sphere. Wages there are higher and have high added value. Our country should welcome them with open arms," ​​he added.

Many Ukrainian refugees arriving in Bulgaria still rely on their own funds. Alla is no exception, as she arrives from Chernomorsk. She has worked for a long time as a teacher in her homeland, but here she cannot find a job in her specialty.

"My child is studying online and I can't leave him alone. The language barrier is also a problem, I don't know Bulgarian," she said.

Follow Novinite.com on Twitter and Facebook

Write to us at editors@novinite.com

Информирайте се на Български - Novinite.bg


We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!

Ukraine » Be a reporter: Write and send your article
Tags: refugees, Ukrainian, economy, Bulgaria
Expats.bg All Are Welcome! Join Now!
Bulgaria news Novinite.com (Sofia News Agency - www.sofianewsagency.com) is unique with being a real time news provider in English that informs its readers about the latest Bulgarian news. The editorial staff also publishes a daily online newspaper "Sofia Morning News." Novinite.com (Sofia News Agency - www.sofianewsagency.com) and Sofia Morning News publish the latest economic, political and cultural news that take place in Bulgaria. Foreign media analysis on Bulgaria and World News in Brief are also part of the web site and the online newspaper. News Bulgaria