WHY CHOOSE BULGARIA
Just a few highlights...
ECONOMIC FORECAST
In the last 30 years, Bulgaria has made considerable progress in terms of economic and political reforms and enjoys stable financial system and business climate. After better than expected GDP growth in 2019 of 3.4%, Bulgaria’s economy, in line with other EU countries, is set to plunge into a recession in 2020, due to the toll the COVID-19 pandemic is taking on export and domestic activity. At this stage different economic forecasts envision a GDP contraction in the range of 3.0-6.0% before rebounding in 2021 as policy measures are introduced, global commodity prices gradually recover, and trade strengthens. The 2021 forecasts for Bulgaria’s GDP growth is to reach between 3.0% and 4.7%
GEOGRAPHY
Bulgaria is situated on the Balkans and is bordering Romania to the North, the Republic of Serbia and North Macedonia to the West, Greece and Turkey to the South and the Black Sea to the East. The Danube River separates Bulgaria from Romania connecting Bulgaria with countries from Europe. The Black Sea provides water access to Russia, Ukraine and Georgia, and through the Bosphorus, to the World Ocean. Its location in southeastern Europe puts it at the crossroads of important routes connecting Western Europe with the Middle East and Russia and Asia. The strategic location combined with developed transportation infrastructure leads to close economic ties with other countries. Bulgaria has four commercial airports in Sofia, Plovdiv, Varna and Burgas, which operate international and domestic flights.
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THE CITY OF BURGAS
CLIMATE
Climate Continental - the continental Mediterranean climate of Bulgaria is a combination of cold, damp winters and hot, dry summers. The country is partly mountainous with lowlands in the north and the southeast
BUSINESS LANDSCAPE
In the last few years, Bulgaria has enjoyed a period of sustained economic growth and political stability - it has been ranked 61st in the World Bank’s “Doing Business 2020” index, and 17th as an outsourcing destination in A. T. Kearney’s global research. Pre-COVID BMI reports of 2019 re affirmed Bulgaria has a promising growth potential over the next decade due to its cost efficient labour, growing political stability and potential for increase in productive capacity. With the country looking well-positioned to attract foreign direct investment (FDI), real GDP growth was expected to average over 2.8% in the next 10 years. In line with latest global trends, in recent economic reports for Bulgaria a contration in 2020 GDP of 3.0-6.0% is forecasted in various sources (World Bank, Oxford Economics, Ministry of Finance of Bulgaria).
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