Podcast in English
Text size
Bulgarian National Radio © 2024 All Rights Reserved

Four sectors to help Bulgaria overcome the economic crisis

Photo: library

Bulgaria could exit the crisis and step on the road to a quick and intelligent growth, if it manages to develop four main sectors of its economy, reads the latest report of the World Bank. The experts’ analyses are based on the traditional Bulgarian industries and the country’s potential to maintain its market positions and penetrate new markets. The first sector which could contribute a lot to the development of the national economy is food industry. Bulgaria has strong traditions in the manufacture and the export of high-quality wines, cheese and poultry. The revenues from this sector amount to some EUR 4 billion. The experts’ analyses show that Bulgaria maintains high quality standards, has good access to the European markets, has a traditional presence on the Russian markets and a cheap work force. The second sector with a very strong potential is machine building and electronics,  which is focused entirely on the foreign markets.  50% of the country’s exports to Germany and Italy comprises of produce of the machine building and the electronics sphere. Migration is the biggest problem for this sector, as many qualified people leave to work abroad. According to experts from the World Bank, the third sector with a potential to boost the economic development of that country is pharmacy. Although the Bulgarian pharmaceutical industry is currently among the smallest ones in the whole EU, it has a turnover of over EUR 1 billion. All forecasts show that this sector has a high growth potential, due to the huge investments made in the pharmaceutical industry. The potential of this industry is based on the country’s strong pharmaceutical traditions and the geographic proximity to markets in the Middle East and the former Soviet republics. Most experts contend that this industry needs strong national and European financial support, because of the high competition in the sector. The fourth sector which could help Bulgaria overcome the crisis is the high-tech industry. The profits in this field have been growing by over 80% on an annual basis over the past ten years or so. This sector stands for 47% of the total export of business services. Highest profits are made in the telecommunications field. However, the problem regarding the lack of highly qualified personnel is very topical in this sector as well.




Последвайте ни и в Google News Showcase, за да научите най-важното от деня!
Listen to the daily news from Bulgaria presented in "Bulgaria Today" podcast, available in Spotify.

More from category

The five largest Indian IT companies already have offices in Bulgaria

Bulgaria and India will intensify their cooperation in various sectors of mutual interest. This was discussed at a meeting of the Bulgarian Minister of Economy Petko Nikolov with Ambassador of India to Bulgaria H.E. Sanjay Rana. The two focused..

published on 10/31/24 5:48 PM

A Bulgarian-Czech Chamber of Commerce established in Sofia

On October 31, 2024, 10 business leaders in Bulgaria founded the first Bulgarian-Czech Chamber of Commerce in the country. At the Embassy of the Czech Republic in Sofia, in the presence of Martin Dvořák, Minister of European Affairs of the Czech..

published on 10/31/24 1:54 PM

The model of EU subsidies distorts agricultural production in Bulgaria, the director of the Institute of Agrarian Economics says

In the space of 15 years, from 2005 until 2020, 75% of the farms in the country have disappeared – from 500,000 in 2005 down to 132,000 in 2020, said Prof. Dr. Bozhidar Ivanov, Director of the Institute of Agrarian Economics at an international..

published on 10/31/24 9:39 AM