In its annual 2002 report, the European Commission assessed Bulgaria as a
fully functional market economy, with a high degree of macroeconomic stability
and working market mechanisms.
The Bulgarian economy is working under currency board (1 Bulgarian Lev=1.95583
Euro, Bulgaria is expected to join the Eurozone in 2010-2012), which provides
for a stable and predictable macro economic environment. Careful fiscal
discipline and strong foreign investment has provided for sustained economic
growth for the last 8 years. Bulgaria has registered sizeable progress in
turning into a competitive economy, mainly in respect to its relations with the
European Union Countries.
With many local and foreign investments, the financial system is stable and
banks have already expanded their landing.
The registered economical growth (GDP per capital) since 2003 is more than 5-6
percent per year (EU's average is 2.2%).
Bulgaria was ranked in the top ten performers in the world by Doing Business
2008 report due to its reforms concerning taxes, labour contracts and licenses.
Bulgaria was ranked 9th in the world by UNCTAD according to the FDI Performance
One of Bulgaria's economic priorities – promoting FDI is expected to continue to
be strong due to Bulgaria's growing attractiveness and developed business trust.
Expectations are that absorbing large amounts of FDI will cause the current
account deficit to vanish through the years into small amounts, unthreatening
the economic stability.
Gross investments in the country have increased more than 7 times since 2000 and
their share in the GDP was 26.2% in 2006 – 6 times higher than the EU countries.
In 2007 Bulgaria was ranked the 2nd most attractive country in the world (after
Brazil) by UNCTAD to be invested in the energy sector.
As a member of the European Union, Bulgaria will be granted significant
financial support from the EU Structural Funds and the Common Agricultural