Challenges Loom for Bulgarian Essential Oil Sector Amid Declining Exports
Globally, the essential oil sector is encountering significant challenges
The dream of owning a home is becoming increasingly out of reach for many Europeans as rising property prices, coupled with a cost-of-living crisis, weigh heavily on city residents and low-income households, according to reports from German media.
Lamia Kamal-Chaoui, Director of the Center for Entrepreneurship, SMEs, Regions, and Cities at the OECD, highlights the sharp increase in house prices, which is particularly pronounced in large cities. This trend is no longer just affecting the poor but has extended to the middle class as well.
Both house prices and rents have been on a steady rise since 2014, a trend that continued even during the COVID-19 pandemic. Unlike previous economic downturns, the demand for housing surged during the pandemic as lockdowns and increased telecommuting kept people at home.
Young people are the most impacted by the housing crisis. They are staying with their parents longer, more likely to rent than own, and often deterred from pursuing better job opportunities in areas with higher living costs. This trend is a significant concern for cities, as Kamal-Chaoui notes, pointing out that if young people cannot afford housing, they are unlikely to settle in urban areas, regardless of the city's attractiveness. She also emphasizes that while housing demand continues to grow, the supply is failing to keep pace.
The European Union may soon consider adding Russia to its blacklist of high-risk third countries for money laundering and terrorist financing
Germany will hold snap elections on February 23 following the breakdown of Chancellor Olaf Scholz’s coalition government
The European Central Bank has raised concerns that protectionist policies from the incoming U.S. administration could stifle global economic growth, urging Europe
The Dutch government has confirmed that it will implement new border controls starting December 9
There will be no European Union troops sent to Ukraine at this time
Bulgaria does not view mandatory tax measures in corporate taxation as a path to boosting competitiveness
Bulgaria Ranks Second in the Balkans at Paris 2024 Olympics, 26th Overall
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