Assessing Economic Convergence Between Bulgaria and the EU: The Role of Green Transition in Unemployment and GDP Per Capita Dynamics

Dobrinka Stoyanova (), Blaga Madzhurova () and StefanBlaga Raychev ()
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Dobrinka Stoyanova: Department of Economic Science, University of Plovdiv Paisii Hilendarski
Blaga Madzhurova: Department of Economic Science, University of Plovdiv Paisii Hilendarski
StefanBlaga Raychev: Department of Economic Science, University of Plovdiv Paisii Hilendarski

No 14516476, Proceedings of Economics and Finance Conferences from International Institute of Social and Economic Sciences

Abstract: This study investigates Bulgaria's economic convergence with the EU27, focusing on unemployment rates and GDP per capita from 2012 to 2022. Employing Beta, Gamma, Sigma, and Delta convergence measures, the research assesses the extent of Bulgaria's alignment with the economic performance of its EU counterparts. Additionally, the study critically examines the impact of Bulgaria's green transition?measured through recycling rates and renewable energy usage?on these convergence processes. The findings reveal a complex picture: while Bulgaria demonstrates strong Gamma and Delta convergence, suggesting improvements in its relative economic standing and a reduction in absolute disparities with the EU27, the absence of Beta and Sigma convergence indicates that overall economic growth and variability reduction remain insufficient for full integration. Furthermore, the analysis shows that although green transition efforts have positively influenced certain convergence aspects, they have not significantly contributed to broader economic alignment with the EU27. The study concludes that while Bulgaria is making notable progress in some convergence metrics, achieving comprehensive economic integration with the EU27 will require more robust and diversified policy interventions. The findings underscore the necessity for Bulgaria to enhance its environmental strategies with broader economic policies to effectively close the remaining gaps with its EU counterparts.

Keywords: Economic Convergence; Bulgaria; EU27; Unemployment Rates; GDP per Capita; Beta Convergence; Gamma Convergence; Sigma Convergence; Delta Convergence; Green Transition; Recycling Rates; Renewable Energy; Economic Integration (search for similar items in EconPapers)
JEL-codes: E24 O47 Q56 (search for similar items in EconPapers)
Pages: 8 pages
Date: 2024-10
New Economics Papers: this item is included in nep-ene, nep-env and nep-tra
References: View references in EconPapers View complete reference list from CitEc
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Published in Proceedings of the Proceedings of the International Conference on Economics, Finance & Business, Prague, Oct 2024, pages 127-134

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Persistent link: https://EconPapers.repec.org/RePEc:sek:iefpro:14516476

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