Bulgaria to Concentrate Efforts on Export-Oriented Economy

Bulgaria to Concentrate Efforts on Export-Oriented Economy

Bulgaria will rely increasingly on exports and export-oriented industries for the recovery and growth of its economy, states a new national reform program, published by the Ministry of Finance.

According to the reform program for the period 2010-2013 the gradual economic recovery of the country is supposed to be fueled by an increase in FDI, export growth, as well as by a higher consumer trust.

However, the GDP growth is expected to be slower than it was before the global financial crisis. The local and foreign investments are also expected to stay below their pre-crisis level.

The three main reforms, which the ruling centrist GERB has announced - the retirement system, health care and education - are outlined in the program. Measures on preserving a stable finance sector are also described.

Bulgaria's bank sector has remained stable during the crisis, the program says. Due to the precise regulatory framework, made according to EU and international standards, as well as the Bulgarian National Bank's countercyclical policy, the Bulgarian banks have amounted significant capital buffers.

Several crucial goals are mentioned in the Financial Ministry's program: eliminating poverty among 260 000 people, a 75% employment among those aged between 20 and 64; investments in research and development amounting to 1.5% of GDP; reaching a 16% share of the renewable energy sources and boosting energy efficiency with 25%, Sofia News Agency reported.

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