Economy of Bulgaria


Initially, Bulgaria had concentrated only on the agricultural sector but after World War II, the government nationalized all industrial enterprises and brought them under a series of five-year economic plans, with heavy industry being the top priority. In 1990 Bulgaria started converting from a socialist to a market economy, which was expected to result in a positive economic reversal. However, it did not happen and efforts towards some reforms and privatization began. In 1993-94, many state-owned enterprises were privatized. However, the reforms got stalled again as former Communists came into power, who continued to hold onto the state-owned enterprises instead of privatizing them. The economy continued to deteriorate and in late 1996, the country entered a deep economic crisis. In 1999, a newly elected pro-reform government undertook measures to stabilize the economy and fight the deep-seated corruption prevalent in many of the country's large enterprises.




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