site.btaBulgarian Council for Economic Analyses Presents Annual Report 2024 at Third Annual Conference

The third annual conference of the Bulgarian Council for Economic Analyses is taking place on June 23 and 24. The event is jointly organized by the Council of Ministers and the St. Kliment Ohridski University of Sofia.

Bulgarian Council for Economic Analyses (BCEA) representatives Kaloyan Ganev from Sofia University and Gueorgui Kambourov from the University of Toronto, presented the BCEA Annual Report 2024. According to the report, in 2024 Bulgaria recorded 2.8% economic growth, compared to 1.9% in 2023. Last year, the country was seventh in the European Union ranking. However, growth is mainly driven by private consumption, not investment or exports. This limits the long-term effect, Ganev explained.

In terms of labour productivity in Bulgaria, the analysis shows steady growth - 2.5% on average since 2010. Ganev drew attention to the data for the whole period, which shows that Bulgaria is at a level higher than the EU average. "This supports the process of real convergence," he added.

GDP in Bulgaria reaches 66% of the EU average in 2024. “We are making progress, but we are lagging behind comparable countries,” Ganev said.

In terms of investment as a share of GDP in the country, the report shows that it is only 18%, one of the lowest in the EU and has not changed from the previous year. “Efforts should be made to stimulate investment so as not to jeopardise future prospects,” Ganev added.

Regarding the labour market in the country, the analysis shows stability in 2024. Regarding the labour market in Bulgaria, the analysis shows stability in 2024, but there are also signs of shrinking.

In December, inflation became stable at 2.6%. “This was a long process, but the slowdown in the inflation rate is very pronounced, so we do not have any major concerns in this regard at the moment,” Ganev added.

Regarding the current account balance, Bulgaria's international position is well balanced and there are no threats to the economy, Ganev said.

The conference features presentations on key economic topics related to monetary and fiscal policy, the labor market, the real estate market, financial markets, inflation, and economic growth. Researchers from leading academic and international institutions, such as the European Central Bank, the University of Toronto, the University of Minnesota, the University of Hawaii, the University of Tubingen, the University of California, the Bank for International Settlements, the Dutch, Austrian, and German central banks, WIFO, Sofia University, and others participate in the forum.