IME: No progress in economic development over the last four years

A review of all competent international rankings, reflecting economic freedom, competitiveness, protection of property rights, etc., shows that Bulgaria is “at the bottom” of the table of European countries, representatives of the Institute for Market Economics (IME) commented to reporters on Thursday, stressing that the country has not made any progress in its economic development over the last four years.

Economists pointed out that the economic crisis cannot be an excuse for the lack of growth in the gross domestic product (GDP). They gave as an example other European countries such as Poland, which has not only not fallen in a crisis and recession, but its lowest GDP growth in recent years has been 2.6%, while Bulgaria’s will hardly reach 1%.

According to the analysis, countries that go forward in international rankings, also register an increase in the incomes of the population in general and GDP growth. The reason is that they become a focus of investors and businesses feel more confident to invest and hire new employees.

Meanwhile, a total of 400,000 jobs were lost in Bulgaria within the period from March 2011 to March 2012, which means that the widely advertised Government’s measures for the labour market have not been efficient, IME added. For a consecutive year Bulgaria is being pointed out as the poorest country in the EU, one of the main reasons for which are the inadequate judicial protection of property, corruption and clumsy administrative procedures, summarised the analysts. According to them, “Bulgaria needs a bold and reforming government and the next one should be such because the crisis in our country continues”.

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