By Leila Zlaoui
Bulgaria has made gigantic development towards long term macroeconomic balance. progress has been re-established, in step with capita source of revenue has superior, inflation has remained low, poverty has been diminished, and the exterior debt to GDP ratio has declined. moreover, the percentage of the non-public region within the economic system is expanding, significant regulatory reform is underway, the banking area is on extra sturdy footing, and effort pricing reforms are bettering potency, and decreasing the economic burden. the target of this state research is to element rules and institutional concerns to aid enhance the potency and effectiveness of public charges in Bulgaria. This ebook evaluates financial sustainability and analyzes potency and effectiveness of public costs and their institutional framework. The document argues that very important demanding situations nonetheless lie forward. Bulgaria needs to proceed to keep up macroeconomic balance, make development on structural reforms to maintain development momentum, and accomplish extra mark downs in poverty and unemployment.
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Additional info for Bulgaria: Public Expenditure Issues and Directions for Reform (World Bank Country Study)
First, reformers need to broaden their recent budget formulation reform initiatives into a more robust and comprehensive budget preparation process that is medium-term in outlook and more strategically focused. Moreover, the budget preparation process should be supplemented by a number of actions specifically regarding investment programming.. Capital expenditure proposals should be prepared under hard budget constraints and as an integral part of the MTBF, that is, included as an annex to the MTBF document.
The Government has taken important steps to improve governance, but further efforts are needed, especially to address capacity weaknesses that permeate most levels of management and span most sectors. The continuing challenge of macroeconomic stability. While Bulgaria has made impressive progress in achieving macroeconomic stability, the country is almost certain to face large current account deficits in the years ahead. Attracting the capital inflows needed, while reducing the debt burden, will require significant inflows of foreign investment which will materialize only in a stable macroeconomic environment.
The last few years of solid growth has established a good base. Sustaining the growth momentum offers the possibility of further reductions in poverty and meaningful reductions in unemployment. Moreover, Bulgaria stands on the threshold of joining the European Union, which would likely accelerate economic growth and convergence of incomes towards Western European levels. The desirability of faster growth can hardly be over-emphasized. 5 percent growth of GDP projected for 2005, and at the current population trend, it would still take about a decade for Bulgaria’s per capita income of US$ 1,560 (Atlas methodology, 2001) to reach the current level of the Czech Republic, Poland and Hungary.