site.btaReport Estimates that Bulgaria's GDP Could Be 2.5-5% Higher If LGBTI People Were Not Discriminated Against

Bulgaria's gross domestic product could be higher by between 2.5% and 5% if LGBTI people were accepted rather than discriminated against, the Institute for Market Economics (IME) says in a report which was presented by IME chief economist Latchezar Bogdanov on Thursday.

The matter was discussed during the Sofia Pride Business Forum, organized by the GLAS Foundation and its business platform, Work It OUT.

According to the report, Bulgaria is poorly positioned in international rankings for LGBTI+ rights and the social inclusion of LGBTI+ people. It says discrimination in the workplace has a direct bearing on labour productivity.

In one example cited at the forum, some actors have chosen not to come to Bulgaria because they fear that the country is LGBTI+ intolerant. Tourism was identified as one of the worst affected economic sectors. If Bulgaria is more open to this group of tourists, it will be able to earn an estimated BGN 184 million in additional revenues annually, a speaker said.

Pride parades such as those in Amsterdam and Madrid attract hundreds of thousands and even millions of tourists within a weekend, said Simeon Vasilev of the GLAS Foundation, who works for the Sofia Pride. Vasilev told BTA that if Bulgaria follows suit in accepting differences among people and guarantees freedom of expression, this will bring major financial benefits for businesses. Unlike before, hotels support the Sofia Pride this year, he noted.

The IME report also says that only 9% of large companies in Bulgaria implement activities targeting the LGBTI+ community. Some 19% condemn discrimination, and 70% have no policy on this group of citizens and do not offer support for them.