The Worldbanks results profile: Bulgaria

Bulgaria’s efforts to transition to a market economy were rewarded by membership in the European Union (EU) in 2007. Partnering with the International Bank for Reconstruction and Development (IBRD), Bulgaria continues to make great strides in improving financial management and channeling increased revenue to programs that are delivering new or improved water connections, better schools, and renovated homes for the elderly.

Bulgaria has come a long way from its difficult early years of transition to a market economy. At the time Bulgaria joined the EU, per capita income stood at only 37 percent of the EU average. In 2008, this figure increased marginally to 41.8 percent. Bulgarians are eager to reap the benefit of EU membership and aspire to equal living standards; however raising the productivity of Bulgaria’s economy remains a major challenge - especially against the background of a declining and ageing population. Today, Bulgaria’s main challenges are to mitigate the negative impact of the global economic crisis, to enhance productivity, and to strengthen public institutions and governance to accelerate convergence of living standards to average EU countries.

News source: Worldbank link: article