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

The World Bank warns Bulgaria of possible slowdown in its economic growth

Photo: BGNES

A World Bank report on public finances in Bulgaria points out the need to improve VAT collection. It also states that greater efficiency is needed in public procurement, spending on education and helping the vulnerable groups. 

According to the authors of the report, if measures were not taken now, in the long term the potential for economic growth would be severely limited. As an example, the still differentiated VAT rates, especially in the restaurant industry, the inefficient spending on education and public procurement are pointed out. It is for this reason that “if the necessary reforms are not undertaken now, growth could slow to around 1.25% by 2050." According to Deputy Minister Georgi Klisurski, in order to accelerate growth, the ministry will rely heavily on investments. Therefore, negotiations with foreign investors are conducted daily.



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

Heat wave will be back on Sunday

Tomorrow the weather in Bulgaria will be sunny, hot in the afternoon. Maximum temperatures will be mostly between 32°C and 37°C, in Sofia - around 32°C. Over the mountains it will be sunny. In the afternoon there will be light clouds. A..

published on 6/29/24 6:15 PM

Ministry of Tourism finds violations on the Black Sea coast

Since the beginning of the summer tourist season on the Black Sea coast, more than 170 inspections have been carried out and six violations have been detected, four of which have been the subject of administrative acts, said in Burgas Ivan Videlov,..

published on 6/29/24 4:23 PM
Iliana Iotova in Belogradchik, 29 June 2024

Vice President Iliana Iotova: There is a danger of serious political crisis

Vice President Iliana Iotova has described the situation in Bulgaria as "extremely unstable". "There is a great danger of a serious political crisis that could make it impossible for us to cope with the Recovery and Resilience Plan, with the operational..

published on 6/29/24 3:05 PM