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Paper Topic:

Economic situation in Bulgaria after the EU accession

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19 June 2008

Economic Situation in Bulgaria after EU Accession

Introduction

Bulgaria has passed a long way between the fall of communism transition to market economy , and up to EU accession that has become the culmination of Bulgarian economic transformation . Undoubtedly , Bulgarian economy has substantially benefited of becoming a full member of European Union . Despite the fact that Bulgaria does not have sufficient experience in managing various marketing processes , the whole process of transition from Central European priorities to European integration

has been smooth and mostly positive . In this work , we will critically examine the impact of EU accession on Bulgarian product and labor markets , agriculture , and FDI . We expect that profound multifaceted analysis of Bulgarian economy will help determining the major economic benefits and problems of Bulgaria 's accession to EU

Historical background

Before the end of the 1980s - the beginning of the 1990s , Bulgaria has been one of the largest communist states in Europe . After the general collapse of socialism and communism in Europe at the edge of 1990s Bulgaria faced a choice between integration with other Eastern European countries or the developed Western Europe . In distinction from Romania and Hungary , Bulgaria was not characterized by high income per capita or its economic openness to foreign trade relations . However , Bulgaria was well known for its excellently trained workforce and well developed labor markets (Bevan , Estrin Grabbe 23 . Bulgaria was characterized by high level of government involvement into economic affairs , and Bulgarian authorities had to develop new strategies for eliminating government intrusion into the newly formed free markets . In general Bulgaria has experienced relatively smooth transition from dissolution of communism to the development of well-organized market oriented structures . At that time "most of the initiated processes , such as privatization , were postponed , and a series of new problems arose including the substantial damages to infrastructure and housing , a rapidly growing number of refugees , and a breakdown of trade and capital flows (Anusic Rohatinski 48 . By the end of the 1990s , after the deep economic crisis of 1997 , Bulgaria managed to resolve all economic issues , and to become prepared to further accession into European economic structures

Economic pro

uals to ?7500 (32 .1 of the EU-25 economic growth : 6 .7 in 2007 inflation rate : 4 .9 unemployment : 11 government budget surplus 2 .7 exports to EU countries : 68 of countries : 59 of expected , that by the end of 2008 , the Bulgarian markets will further increase 0 .4 (Davidova , Gorton Ratinger 303

EU Accession and Product Markets

After accession to EU at the beginning of 2007 , Bulgaria has acquired additional opportunities and resources for further trade liberalization with European partners . Bulgaria has ultimately entered the Single Market the administrative barriers to trade with the rest of Europe have been eliminated or reduced to levels that were acceptable among other EU members . Bulgaria had to re-consider the system of its external tariffs and to adopt it to the new European requirements as a result the tariffs...

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