Bulgaria Ranked 55th Out of 61 Competitive Economies

Business | May 27, 2015, Wednesday // 12:50
Bulgaria: Bulgaria Ranked 55th Out of 61 Competitive Economies Photo: BGNES

In 2015, Bulgaria has been ranked on the 55th spot in terms of competitiveness indicators, thus showing a slight improvement from last year's 56th spot.

The data has been released by the Yearbook of World Competitiveness, administered by the Swiss International Institute for Management Development (IMD).

According to the reviewed definition of competitiveness, published, it in fact denotes "the ability of a country to facilitate an environment in which enterprises can generate sustainable value".

The report data demonstrates that the position of Bulgaria has neither improved nor worsened considerably as compared to the situation over the course of the past five years.

The country remains among those with low levels of competitiveness, but nonetheless scores better than Croatia and Ukraine.

The best ever score in the ranking was reached back in 2009, when it was 38th. Analysts have stated that the results are a consequence of the inability of both politicians and business leaders to incorporate stable policies, aligned with national interests, needs and advantages.

Meanwhile, the main strong points of Bulgaria remain the low cost of both labor and goods and services. This, however, leaves it highly susceptible to any changes in the international economic order. 

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Tags: Bulgaria, Competitiveness, Yearbook of World Competitiveness, Institute for Management Development (IMD), Switzerland, Croatia, Ukraine, economic order
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