Bulgaria, Recent Economic Developments and Statistical AppendixLuc Everaert This paper reviews economic developments in Bulgaria during 1990-97. Bulgaria's macroeconomic performance during 1990-97 was weaker than in most transition countries in the region. With economic activity declining significantly during most years, the cumulative fall in real output over this period amounted to 37 percent. Although Bulgaria's difficult initial conditions and adverse external shocks played a role, the weak performance mainly reflected the stop-and-go nature of stabilization policies and the slow pace of structural reform. |
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arrears assets average banking crisis banking system benefits billions of leva BSES budget budgetary Bulgaria Bulgarian National Bank Bulgarian Stock Exchange capital commercial banks contributed costs currency board current account Czech Republic debt service decline deficit deposits developments district heating domestic economic effective employment enterprises exchange rate external debt fiscal foreign currency foreign exchange foreign exchange market funds government securities growth households imports income incomes policy increase inflation interbank interest payments interest rates investment June liabilities liquidity loans losses macroeconomic minimum Ministry monetary monthly municipalities non-interest expenditures operations pension percent of GDP period primary surplus private sector recapitalization reduced reform remained reserves restructuring result revenue Romania share significant social assistance SOEs Source stabilization staff estimates state-owned banks stock exchange subsidies Table tax administration taxpayers trade transfers transition economies U.S. dollar