According to the 2019 World Competitiveness Yearbook of the Institute for Management Development (IMD, Switzerland), the Bulgarian economy, being driven by the EU, is slowly, though unimpressively, recovering. In 2019, Bulgaria ranks 48th out of 63 economies, an improvement of seven positions compared to 2015, but a decline compared to 2007. The Bulgarian economy remains among the most uncompetitive ones. Its long-term factors of competitiveness remain stagnant, and change in the near future is rather unlikely unless a substantial correction of the policies of the Bulgarian government and business leaders occurs.
Key Competitiveness Challenges and Opportunities for Bulgaria 2019:
- Economic institutions lack a strong judicial system and control of corruption.
- Further efforts should be made to curb the informal economy.
- Structural reforms to join ERM II and the Banking Union are slow.
- Insufficient action in reforming the energy sector.
- Access to skilled labour is a growing challenge.