By Leila Zlaoui
Bulgaria has made monstrous growth towards long term macroeconomic balance. progress has been re-established, in line with capita source of revenue has more suitable, inflation has remained low, poverty has been diminished, and the exterior debt to GDP ratio has declined. moreover, the percentage of the non-public quarter within the economic system is expanding, significant regulatory reform is underway, the banking quarter is on extra stable footing, and effort pricing reforms are enhancing potency, and decreasing the financial burden. the target of this state examine is to aspect rules and institutional matters to assist increase the potency and effectiveness of public costs in Bulgaria. This publication evaluates monetary sustainability and analyzes potency and effectiveness of public costs and their institutional framework. The file argues that very important demanding situations nonetheless lie forward. Bulgaria needs to proceed to take care of macroeconomic balance, make growth on structural reforms to maintain progress momentum, and achieve extra discounts in poverty and unemployment.
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Additional info for Bulgaria: Public Expenditure Issues and Directions for Reform (World Bank Country Study)
This improved performance took place in a difficult external environment marked by turmoil in international markets, unfavorable commodity price developments, the trade disruptions associated with the Kosovo crisis and, more recently, the global economic slowdown and the impact of the September 11 attack on the United States. 8 Source: National Statistical Institute, Bulgarian National Bank, Ministry of Finance, IMF and World Bank. 5 percent in 2001, in response to external pressures. In 1999, a global financial crisis and low commodity prices lowered significantly the external demand for Bulgaria’s exports, while the Kosovo conflict blocked transit routes to Western Europe, raising transport costs and causing losses in export markets.
In 2001, largely because of the lack of any significant privatization transaction, FDI inflows declined to about 5 percent of GDP, but they remained a primary source of BOP financing. 0 percent of GDP in 1998 and a deficit of the same order of magnitude in the following three years. Inflation was contained at single digit levels in 1998–99. 8 percent in 2001. Two achievements since the crisis—other than those already cited-are noteworthy: (i) the reduction in poverty, and (ii) progress toward the divestiture of state-owned enterprises (SOEs).
About half of this amount represents an operating subsidy, and the rest a contribution to investment. The subsidies have not prevented the serious deterioration of railway assets due to their inadequate maintenance and renewal. BDZ’s poor financial performance is attributable to several factors: the large number of uneconomic services mandated by the state; low passenger fares; low labor productivity; and an inappropriate incentive framework that is not conducive to efficient decision making and accountability.