Publication: Bulgaria : The Dual Challenge of Transition and Accession
Date
2001-05
ISSN
Published
2001-05
Author(s)
World Bank
Abstract
The study assesses Bulgaria's
progress in its transition to a market economy, and in its
preparation for accession to the European Union (EU),
through an analysis of economic developments during the
1990s, with special emphasis on the 1997-1999 period. It
identifies the major challenges the country faces in
sustaining macroeconomic stability, and accelerating growth.
To maintain fiscal stability and ensure adequate public
investment to gradually reduce the public debt will require
building strong fiscal risk, debt management skills. The
public investment required to meet the dual challenge of
completing the transition, and joining the EU, is
significant. The Government's remarkable reform program
of the last three years, has radically transformed the
economy, with conditions established for high, and sustained
growth. Yet, unemployment is growing, and by and large, the
standards of living have significantly declined, meaning
further reforms will be needed to boost private investment,
and establish the supportive institutional foundations
required for a market economy. The reform agenda focuses on
ensuring a public-private interface through macroeconomic
stabilization, eliminating state direct interventions, and
building the public-private legal framework, as well as
capacity, and credibility.
Citation
“World Bank. 2001. Bulgaria : The Dual Challenge of Transition and Accession. A World Bank country study;. © Washington, DC. http://openknowledge.worldbank.org/handle/10986/13958 License: CC BY 3.0 IGO.”