Type Of Economic System Used In Bulgaria In The Xx-Xxi Century

Type of economic system used in bulgaria in the XX-XXI century


In the XX Century Bulgaria was an allied of the Soviet Union and they were communist, they experienced several years ofsustained growth but in the decade of the 80’s they suffer serious economic problems, with energy deficiencies and crop losses, so the Bulgarian government made plans to restructure the country's economicsystem, its organization and management of trade, which, at the moment, involved in some ministries and relay job changes for nine senior officials, but the Reforms undertaken at that time were timidand remarkably increased external debt. In the 90’s they suffer an economic collapse because of the loss of COMECON markets and a sharp drop in industrial and agricultural production produced by theshock therapy.

Bulgaria has an industrialized market economy in the upper middle-income range but they still have an agricultural economy that has been declining in the last few years howeverthey still are the country with the largest global producer of perfumery essential oils such as lavender and rose oil, A five-year modernization and development program was launched by the government in2007, aimed at strengthening the agricultural sector with a total investment of 3.2 billion euro

In 2000 Bulgaria experienced rapid economic growth even thought their income was one of the lowestin the EU. One big problem about the Bulgarian economy is the corruption they are the number 86 and its rankings are gradually worsening also Bulgaria ranks 28th in the economics freedom of the worldindex (has the lowest personal and corporate income tax rate in the European Union), they also have the second-lowest public debt of all member states. Bulgaria is a net receiver of funds from the EU.The absolute amount of received funds was 589 million euro in 2009.

In recent years Bulgaria has emerged as an attractive tourist destination with some of Europe's least expensive resorts and...