This paper assesses key aspects of Bulgaria’s competitiveness. The behavior of a variety of a real exchange rate indicators and export performance is also examined in this study. The Balassa–Samuelson effect refers to the impact of differential productivity growth rates in the tradables and...

This paper focuses on the process leading to the choice of a currency board as a stabilization instrument, and its specific design. The use of a currency board was complicated and controversial because of serious structural problems, including a systemic banking crisis. It argues that the...

In 1999, Executive Board deliberations on Bulgaria focused on the need for the authorities to persevere with structural reform. Under the currency board arrangement introduced in mid-1997, Bulgaria has achieved macroeconomic stabilization and made substantial progress in structural reform....

This Selected Issues paper and Statistical Appendix analyzes the reasons behind the relatively low rates of savings in Bulgaria and prospects for their evolution over the medium term. The paper argues that low saving rates largely reflect the current stage of transition—characterized by still...

This paper presents an update to the Report on the Observance of Standards and Codes for Bulgaria. In 2001–02, Bulgaria continued to use the common General Data Dissemination System (GDDS) as a framework for the further development and improvement in the quality of statistics. In June 2001,...

This Selected Issues paper examines inflation dynamics in Bulgaria from January 2012 to February 2015 and highlights some stylized facts about inflation in the country. January 2012 to February 2015 is the most relevant period for identifying factors contributing to recent deflation in Bulgaria,...

This 2015 Article IV Consultation highlights that Bulgaria achieved modest economic growth in 2014, which is expected to continue in 2015, albeit at a lower rate. Consumer prices declined by an average 1.6 percent in 2014, among the sharpest contractions in the European Union, but are projected...