site.btaPurchasing Power of Bulgarians is Growing, but Not Fast Enough, Says Expert

The purchasing power of Bulgarians is growing, but not fast enough, said Prof. Rositsa Rangelova from the Economic Research Institute (ERI) at the Bulgarian Academy of Sciences (BAS). On Monday, she delivered a report on "Concepts of convergence, cohesion and integration and the realities in economic development of the European Union" during an anniversary scientific conference on Economic Development and Policies: Reality and Prospects. European Integration, Convergence and Cohesion. The event was dedicated to the 75th anniversary of the establishment of the ERI.

Rangelova cited data according to which the gross domestic product (GDP) per capita in purchasing power standards in the eurozone decreased from 110 to 104 in the period from 2008 to 2023.

However, in the Czechia, Estonia, Romania, Hungary, Croatia, Slovakia, Latvia and Bulgaria, the indices are growing, which means that a convergence process is underway, she said.

In Bulgaria, GDP per capita in purchasing power standards increased from 43 to 64 in 2023, but this is not fast enough, the economist argued.

She explained that convergence is observed in the European Union, which is generated by faster economic growth in low-income countries.

Rangelova also pointed out in her report that it cannot be claimed that the adoption of the euro improves convergence in the Union.