"Economic Policy Review" Bulletin ISSN 1313 - 0544


Despite the recovery over the past two years, the Bulgarian economy has not yet reached its levels prior the crisis, measured as real GDP at constant prices. If we use the above-mentioned definition of depression, the Bulgarian economy remains in a depression for 12 quarters or 36 months. Slowing growth in recent quarters and the dangers of entering in to a new recession are already visible... Reaching pre-crisis levels at the time remains wishful thinking.

European Recession Is Not Going To Pass Us By

Overall, the data for the first months in 2012 show that Bulgaria will not be passed by the recession, which started at the end of 2011 in the EU. It seems increasingly likely, that we are also going to be affected by the economic contraction in the first quarter of 2012, which may continue in the coming quarters.

The Mutation of Belene: A Beggar on Horseback

Krassen Stanchev* / 09.05.2012
At first glance, the ugly caterpillar "Belene" has transformed into two beautiful butterflies – a steam-gas plant at the site and a new unit at NPP "Kozloduy". But these two butterflies are only painted on the ceiling of the imagination of the government. Much like the two previous governments, the current one seems to believe it has found something like an eternal engine: you start big projects, mobilize contracts, companies and funds, then shut them down because they are costly to the economy, and then start new similar projects all over again.

People With Disabilities in Bulgaria: A New Approach to Social Inclusion (IME Report)

On April 16th 2012 the Institute for Market Economics (IME) released a report, analyzing the current regulatory framework and policies for the integration of people with disabilities. The report also proposes positive reform measures that, we believe, will better serve the purpose of full-fledged inclusion of such individuals.

Fiscal Reserves Down BGN 5 Billion During the Crisis. Issuing Debt is Next

Petar Ganev / 10.05.2012
Prior to the crisis, the country had sound public finances (budget surpluses) and over BGN 10 billion in reserves. Over the next three years the country accumulated more than BGN 5 billion in deficits and of course the fiscal reserves plunged to less than BGN 5 billion. Here is the simple story of the crisis – we addressed the problems by spending BGN 5 billion from our fiscal reserves...