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Bulgaria economy, Command economy, Free market economy, Statistics…
Bulgaria economy
Video notes
Economy in history
Socialism era:
- Industrialized
- Private market became regulated
- Tourism in the Blacksea coast and mountain regions
- Low capital, labor productivity
- Contracted after 1987
Post Socialism (1990s):
- Transformed from highly centralized economy to a market based economy
- Protests against the government, inflation 1996
- High economic growth because of the EU expectations and the intoduction of new currency board
1888-1945:
- State in recovery
- Strong industralization
- Military bound to Germany in 1930
- After the second world war, the economy suffered a decline due to Germany’s loss
2000-2008:
- Bank landing, investments → growth
- Contraction of GDP, increase in unemployment 2008
2010 - 2012:
- EU debt crisis
- increased income inequality and accelerated outward migration,
Pandemic:
- Economic conditions were favorable
- Growing consumption
- Growth expansion in the first quarter of 2020
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Areas impacted by the demographic emigrant crisis:
- Healthcare
- High education
- High tech
Government corruption:
- High levels Bribery
- The most corrupt state in the EU
- Far exceed the EU average
- 85% of businesses see corruption as a problem
- Funding of political parties
- No punishment for the corrupted people
Sectors:
- Primary: 5.1%
- Secondary: 27.5%
- Tertiary: 67.4%
The increasing share of the tertiary sector is a sign for developing of the country
Trading:
- Partners: Russia, China, Turkey, EU countries
- Imports: copper ore, petroleum oil, medicaments, motor cars, petroleum gasses
- Exports: oil, natural gas, copper, medicaments and wheat
Bulgarian Industry
Energy
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Domestic production of energy - mostly coal and hydro powered sources, as well as nuclear
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Mining & Minerals
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Common deposits: iron ore, manganese ore, copper ore, chromium ore, gold ore
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Service & Tourism
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Tourism and revenue from tourism has increased in the post-socialist era and has a steady increasing trend
Tourists now - mainly from Greece, Romania, and Germany
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Agriculture, Forest, & Fishing
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Main crops: wheat, corn, barley
Main produce exports: tomatoes, cucumbers, peppers
Main industrial crops: sugar beets, sunflowers, tobacco
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Command economy
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Main problems are inefficient, shortages, less choice and freedom, bureaucratic
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Free market economy
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- prices are determined by supply and demand
- likely to lead to income and wealth inequality
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- Examples are Hong Kong, Singapore
- have problems with inequality, monopoly, and market failure
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