Bulgaria Archives - Economy Watch

Bulgaria Appoints New Central Bank Governor

As lawmakers attempt safeguard the banking sector from the effects of the Greek crisis, the Bulgarian parliament approved Dimitar Radev as the new head of the nation’s central bank, according to Bloomberg Business. Radev stated that his plan for preserving the banking sector includes three attributes: banking supervision, asset quality management and a bank-crisis management mechanism. The new governor will also support the government’s desire to join the European banking union. Radev was nominated by the GERB party, the nation’s primary ruling entity.

Just What Is Russia’s Fracking Agenda In Bulgaria?

Last month, the Bulgarian National Assembly voted to impose an indefinite ban on shale gas exploration and extraction in Bulgaria using hydraulic fracturing or other similar technology. But new evidence have emerged that may suggest some form of covert Russian influence in the matter.

Pity the poor Eastern Europeans.

After fifty years under the domination of their massive Soviet eastern neighbour, the collapse of Communism two decades ago offered undreamed of opportunities to join both the European Union and NATO.

Bulgaria – Fast Facts

Bulgaria is a Lower Middle Income economies coming under the European and Central Asian Region as to the classification made by the World Bank on the basis of Income and region for the year 2006

The economic reform process adopted by the country during 1996 got failure due to mismanagement and unstable banking practices. Among various sectors of the economy, the services sector shares a larger portion of the total Gross Domestic Product followed by Industry.

Bulgaria Economic Forecast

Initially, Bulgaria was a communist nation but in January of 2007, this country became a member of the European Union or EU. Since breaking free from communism and being in a downward economic spiral, Bulgaria has seen tremendous growth. Although most government officials of this country have been 100% committed to developing some type of economic reform and have taken full responsibility for financial planning, increasing inflation costs and significant account balance deficits has made success impossible. Pushing forward, since 2005 Bulgaria has been able to average over 6% growth.