Problems And Causes Of Economic Growth Stimulation In Bulgaria

The Bulgarian government begins a set of stimuli to accelerate economic growth. The overall aim of the study is to identify and analyze the problems hampering the economic growth in Bulgaria. The specific objectives of the study are: to estimate economic development of the Republic of Bulgaria between 2008 – 2017 years (after accession of the country to the European Union); and to rank the macroeconomic and efficiency-dependent factors that hindered the success of the economic stimulus program. To achieve these objectives, the study analyzes data on economic development of the Republic of Bulgaria, the European Union, separate member countries of the EU, and foreign experience. The articles are researched using key words and following a predefined inclusion and exclusion criteria. It is found out that the key economic problems of Bulgaria are trade deficit and attraction of foreign investments. On deficits, the study identified main reasons for emergence and existence of foreign trade deficit in the country: the competitiveness of national economy and Bulgarian manufacturers, innovation development, economy structure, entrepreneurship support, and infrastructure development. On FDI, the study identified low efficiency as the major cause of problems. To eliminate the detected problems and disparities in Bulgarian national economy development in relation to the development of economic system in the European Union, the study recommends how effectiveness of Bulgarian national economic stimulation can be enhanced.