Analysis of the impact of the global crisis on Bulgarian economy; risks and opportunities for Bulgaria in 2009
The start of the crisis in 2007 coincided with a period of rapid economic growth in Bulgaria, driven by investment expansion. It is hard to distinguish to what extent the dynamics of the Bulgarian economy was driven by fundamental factors, related to increased productivity and improved business environment, and to what extent it resulted from rapid credit expansion. However, we can outline several indicators that growth was not solely due to “easy money” and that Bulgaria faced the onset of the of the crisis in a considerably better position than most of the EU economies
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