Tue, Feb 09 2010

ECONOMIC GROWTH OF POOR QUALITY EXPERIENCED IN BULGARIA

Fri, Mar 30 2007 09:13 CET 311 Views

Bulgaria's economy registered high growth over the past several years, but the developments were of poor quality, Bulgarian Industrial Association (BIA) head Bozhidar Danev said.

The goods produced in Bulgaria were uncompetitive and had high added value, he said as quoted by Pari daily.

Nearly one third of foreign capital that entered Bulgaria in 2006 was directed to the real estate sector. Investors got involved in speculative operations instead of using the funds for developments, Danev said.

The export growth rate exceeded that of import in 2006, Pari quoted Danev as saying.

Lack of qualified labour hand appeared as one of the main economic problems in Bulgaria, the report said.

Another problem is corruption. Corruption in Bulgaria is as high as in countries like Costa Rica and Namibia, Pari reported.

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