Bulgaria, Land of Potential Opportunity

By: Scott James

Bulgaria, a former communist country is one of the new and rapidly developing economies and new democracies within Eastern Europe Bulgaria is now a fully fledged member of the European Union having gone through the full process of admission in the so- called latest 'in-take.' Economically Bulgaria like a lot of the former communist countries of Eastern Europe has seen good times and bad times and at the moment things appear to be on the good side.

Bulgaria has experienced what could be described as macro economic stability and strong growth since the major economic downturn in 1996 led to the downfall of the then socialist government. As the result of political upheaval the ensuing government became committed to economic reform planning and more importantly responsible fiscal planning.

Traditional economic interests and industries are important still in Bulgaria and basic minerals including coal, copper and zinc etc. play an important part in Bulgarian industry.

Economically Bulgaria things took a major turn in 1997 when the foundling macro economic stability was reinforced by the imposition of a fixed rate of exchange against the German D-mark and the negotiation of a standby agreement gave the International Monetary Fund the so called IMF.

Subsequent to this steady progress on proposed structural reforms coupled with low inflation have improved a business environment; and as such Bulgaria has managed to average around 4 % growth since 2000 and has at last managed to attract significant amounts of foreign direct investment.

Though the political and economic climate has improved in all areas there are still problem areas such it is best to try and avoid. Alongside any of the other former communist regime's corruption in public administration involved area have delayed reforms this coupled with the week judiciary and the presence off organized crime are probably combined to make the largest challenges this fledgling Democracy has had to face.

Though not technically regarded as one of the many industries in Bulgaria, the property market has now started to come of age. Property prices involved in Bulgaria rank amongst some of the cheapest in Europe. Matt having said since Bulgaria joined the European Union price is on property and real estate on now rising.

Unlike other countries it is expected to see a surge in property values in Bulgaria continue.

It was argued at the time by the international Herald entry. But they reckoned it was impossible to make losing investments in Bulgaria's real estate sector.

Again like some of the other former communist countries of Eastern Europe Bulgaria is playing fairly serious catch up on the economic front.

In one year in the late 90s residential property allegedly went up 36.6% and it is forecast that property prices though still much lower than the rest of the Central and Eastern European countries like Romania, Slovakia, and the Czech Republic are still likely to remain buoyant.

Real Estate has turned out to be one of Bulgaria's fasted growing economic sectors data from the National Property Association shows. International analysts said however that it is not the influx of foreign capital as the driving force that is keeping the Bulgarian market buoyant rather the growth in the Domestic Economy played an important role also.

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