EC: Bulgaria is no longer experiencing imbalances

The economic imbalances of the last year are no longer observed in Bulgaria. This is noted in the winter semester assessment of the European Commission reviewing the economies and reforms in the Member States.

The redress of imbalance means that the gap between rich and poor is being bridged while the balance between indebtedness, savings and consumption rates is gradually restored. According to the review, Bulgaria boasts considerable progress in the stabilisation of financial sector and in the resolution of problems of legal nature. Despite the fact that indebtedness is relieved the share of bad loans still stands at the mean European level of 7%.

Bulgaria is the only EU country that managed to show significant progress according to two out of the four monitored criteria for the implementation of the last-year recommendations, experts report. The country has shown “significant progress” in improving the management of state-owned companies. Bulgaria’s advance in ensuring stability of the banks and improving bank supervision is also qualified as “significant”. The report shows that the investments in new equipment are not aimed at the introduction of innovative technologies which pegs down productivity rate. The slow pace of reforms in healthcare is also noted as a drawback. Bulgaria marks little progress in the enforcement of anti-money laundering legislation and steering economic investments to R&D sphere.

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