Bulgaria Loses Billions Annually Due to Delayed Schengen Membership, Warns Economy Minister
Bulgaria stands to lose approximately BGN 1 billion each year due to its continued exclusion from full membership in the Schengen area
The Bulgarian economy will brace for minimal growth the following quarters but is nowhere near equaling its levels before the crisis, say researchers from the Institute of Economics at the Bulgarian Academy of Sciences.
Former Bulgarian National Bank board member and present researcher in the Academy of Sciences Garabed Minassian lists as hurdles for growth low liquidity of the bank system, the outflow of capital and low levels of foreign investment, failure to absorb EU funds, and state budget problems.
Regarding the latter, researchers bewailed uncontroled "leaking" from alleged "holes" in the budget and recommended restructuring of spending, instead of bare cutting.
The Institute of Economics researchers lay strong stress on the outflow of moneys from the country, stating that for the first half of 2010 it was EUR 1.2 B, against a EUR 0.9 B outflow 2009 and a EUR 1.3 B inflow 2008.
They also recommend more relaxed and bold National Bank measures to stimulate bank liquidity.
As regards EU funds, the Bulgarian Academy of Sciences researchers report a 65% decrease in the last two years preceding June 2010.
The economists view finance minister Simeon Djankov’s efforts to get in the country as premature and unneeded at the point.
Friday the National Statistics Institute reported a record low slowdown Q2, suggesting the country might be coming out of the recession.
We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!
FlixBus, the renowned European bus company, is set to launch new routes to and from Bulgaria in anticipation of the summer season
In a significant development, the Russian army has seized control of the pivotal village of Ocheretyne in the Donetsk region of Ukraine, a strategic location crucial for Ukrainian defense efforts
The price of retail lamb in Bulgaria has surged by 8.4% on an annual basis, according to statistics released by the Ministry of Agriculture and Food, with data sourced from SAPI indicating an average price of BGN 25.27 per kilogram as of April 10
In a concerning revelation, the ad hoc committee investigating the activities of Gleb Myshin uncovered that over the past three to four years, a staggering 343 candidates from the Russian Federation seeking Bulgarian citizenship were discovered to have su
As the summer season draws near, the issue of staffing in the tourism sector in Bulgaria comes to the forefront once again, with the workforce having to depend on individuals from foreign countries for yet another year
According to recent data from the Confederation of Independent Trade Unions of Bulgaria (CITUB), the financial strain on Bulgarian households continues to intensify
UN Happiness Report: Bulgaria's Astonishing Leap in Rankings
Bulgaria: 3 Regions With Lowest Life Expectancy - EU Report 2022