Economic Growth of Bulgaria and Its Determinants

Ivan Todorov and Kalina Durova

Economic Studies journal, 2016, issue 4, 3-35

Abstract: The present research has two objectives: first, to study the short-term and the long-term economic growth of Bulgaria under a currency board arrangement and second, to identify the main sources of this growth on the demand-side and on the supply-side of the economy. The empirical research on Bulgaria’s economic growth during the transition to a market-oriented economy has been systematized. The dynamics of the final-expenditure-structure of GDP as a determinant of short-run economic growth on the demand-side of the economy has been analyzed. The trends in the movements of the long-run factors of growth (saving rate, rate of productivity growth, rate of population growth, employment and investment) have been investigated. The growth accounting techniques has been employed to identify the main growth determinants on the supply-side of the economy and to measure quantitatively their contributions to the growth of real GDP. Advisable macroeconomic policies to overcome the heavy growth problems of the Bulgarian economy have been formulated.

JEL-codes: O47 (search for similar items in EconPapers)
Date: 2016
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Citations: View citations in EconPapers (3)

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Persistent link: https://EconPapers.repec.org/RePEc:bas:econst:y:2016:i:4:p:3-35

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