site.btaWorld Bank Revises Up Bulgaria's Economic Growth for 2023, Down for 2024

The World Bank improved its assessment of the growth of Bulgaria's economy last year. The international institution is currently estimating a domestic gross domestic product (GDP) growth of 1.7% in 2023, according to a Global Economic Prospects report published on Tuesday.

In the World Bank's previous autumn report, published in early October, the bank projected a more modest 2023 economic growth of 1.4%. However, it also stipulated an increase in GDP in 2024 by 2.7%, which has now been reduced to 2.4%.

For 2025, the World Bank predicts that the Bulgarian economy will expand by 3.3%, which was the forecast in the autumn report.

According to the bank's experts, the ambitious implementation of structural reforms could lead to upward growth prospects. The simultaneous implementation of a wide range of reforms, such as improving market competition and regulation, taxation, personal skills, the labour market, research and development among EU members could lead to a significant increase in GDP for Bulgaria and Romania.

For the region of Central Europe, which includes Bulgaria, the World Bank estimates an economic growth of 0.7% for 2023, 2.8% for 2024 and 3.5% for 2025. The region also includes Hungary, Poland and Romania.