Publication: Bulgaria : Household Welfare during the 2010 Recession and Recovery
Date
2011-02
ISSN
Published
2011-02
Author(s)
World Bank
Abstract
This report assesses the impact of the
2009 recession and the fragile recovery of 2010 on the
welfare of Bulgarian households and the effectiveness of
Government policies in mitigating its costs. By the
beginning of 2009, the global economic crisis had affected
much of Europe, including Bulgaria. The output decline
lasted five quarters, followed by a modest increase during
the rest of 2010. However, despite the large fluctuation in
output during 2009-10, households preserved their 2008
income level throughout this period. What lies behind this
example of successful income smoothing amid a large regional
and national recession? Which were the key transmission
channels through which the macro crisis filtered through to
the household level? What population groups were most
affected? What was the role played by public policy in
mitigating the impact of the crisis? What lessons can be
learned from the Bulgarian experience on protecting
households during a crisis, while maintaining prudent fiscal
and macroeconomic policies? To answer these questions, the
report uses an exceptionally rich survey to assess how
households were impacted, how they responded to the crisis
and how/if they benefited from a comprehensive government
policy package.
Citation
“World Bank. 2011. Bulgaria : Household Welfare during the 2010 Recession and Recovery. © Washington, DC. http://openknowledge.worldbank.org/entities/publication/aee4792b-86c4-5e44-b59d-2da11c07a331 License: CC BY 3.0 IGO.”