Greece's economy is the only one in the EU worse than Bulgaria’s

In 2011, Greece's economy is the only one in the EU worse than Bulgaria’s, showed a rating of the economies’ competitiveness, drafted by the Swiss Institute IMD. The list includes 59 countries, among which Bulgaria occupies the 55th place. Apart from Greece, the Ukraine and Croatia are the only European countries lagging behind Bulgaria. Venezuela is the last, 59th on the list. “Bulgaria has slipped two positions down, compared to the 2010 ranking,” specified Ruslan Stefanov, head of the economic programme at the Centre for the Study of Democracy, a partner in the survey.

Hong Kong and the U.S. top the list, outranking last year’s leader Singapore. “Low pay and low tax rates are the factors on which our country still relies for attracting investors but this is a delusion,” stated Stefanov. According to him, the main reasons for the deterioration of our economy’s competitiveness are the poor education and qualification of personnel, the declining employment rate, the poor transport, technical and scientific infrastructure, and the small-scale market. In all these respects, Bulgaria occupies some of the last places in the rating. Poor anti-trust legislation, the ageing population and the brain drain are the main problems faced by investors.

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