''The loss from Bulgaria's delayed membership in the Eurozone and Schengen is between 4% and 5% of the country's GDP'', Bulgaria’s Minister of Finance Assen Vassilev said in an interview for Nova TV. ''The business loses between EUR 250 million and EUR 500 million just from currency conversion. Separately, delaying eurozone membership leads to higher interest rates and less investment'', Minister Vassilev said.
The losses stemming from Bulgaria’s delayed membership in Schengen are also huge, Minister Vassilev said with regard to the government’s draft decree, according to which Bulgaria should include in an official document the date January 1, 2025, as a target date for adopting the euro. Assen Vassilev said that this act is necessary, because the caretaker cabinet had not written down the date January 1, 2024, as the target date for Eurozone membership, and because it had drafted a budget with a 6.4% deficit.
Fitch Ratings has affirmed Bulgaria's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BBB' with a Positive Outlook, reported BTA. ''Bulgaria's ratings are supported by its strong external and public finance balance sheets versus..
There are no plans for the privatization of the Vazovski Machine-Building Plants (VMZ) in Sopot, and the information circulating in this regard is speculative, said Bulgaria’s Minister of Economy and Industry Petar Dilov at a working meeting..
In 2024, the real estate market in Bulgaria registered a significant rise, with prices increasing by around 16%, and the number of real estate transactions going up as well. Real estate prices along the Black Sea coast have continued to grow,..
The positive convergence report will have a positive impact on people's standard of living and purchasing power, as well as on the country’s business..
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