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text sizeBulgaria Needs 5 Years to Overcome Crisis
The Bulgarian economy will need another 4-5 years to catch up with the level it measured in 2008 before the onset of the crisis, said Prof. Stati Statev, member of the managing board of the Bulgarian National Bank and Rector of the University for World and National Economy at a conference themed “Prerequisites and Prospects for Sustainable Development in Bulgaria and Europe.” According to him, the Bulgarians’ impoverishment in the period after 1989 has been checked by 2005 but the financial stagnation that hit Europe has again sent the economy to the bottom. It will take Bulgaria even longer to restore the foreign investments rates to the level of 2008. In the opinion of Statev this may happen not earlier than in 2020.
President Rossen Plevneliev was a special guest at the conference. In his opening speech he said that “it is good to be financially stable but it is not sufficient,” adding that economic growth may be achieved through stimulation of small and medium-size business oriented towards innovative technology and competitive produce. “It is an illusion that rich people create many jobs, in Bulgaria 99 percent of small and medium-sized companies provide two-thirds of the jobs,” the President said.
Martin Lekov
President Rossen Plevneliev was a special guest at the conference. In his opening speech he said that “it is good to be financially stable but it is not sufficient,” adding that economic growth may be achieved through stimulation of small and medium-size business oriented towards innovative technology and competitive produce. “It is an illusion that rich people create many jobs, in Bulgaria 99 percent of small and medium-sized companies provide two-thirds of the jobs,” the President said.
Martin Lekov
