Bulgaria Among "Economic Growth New Stars"

Business | September 26, 2004, Sunday // 00:00

The former Soviet satellites from Eastern Europe are among the world's biggest magnets for foreign investments.

The 10 former Soviet-bloc nations of Eastern Europe that joined the 25-member European Union (EU) on May 1 are the fastest growing economies of Europe, according to an article published in the Miami Herald.

The flood of investments to the new EU members already is making their economies grow at a faster pace than their richer European neighbors. While Germany, France and other highly developed European economies are barely growing this year, Poland is expected to grow by nearly 6 percent, and the Slovak Republic, Lithuania, Romania and Bulgaria are projected to grow by 5 percent each.

One of the main advantages of the Eastern Europe's market is its relatively low-cost and highly educated work force.

According to the Miami Herald article part of the explanation of the fast development of these countries is that the countries of the former Eastern Europe, like most converts, "have embraced capitalism with amazing zeal, and are offering all kinds of incentives to foreign investors."

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