Bulgaria : Public Expenditures for Growth and Competitiveness

Bulgaria : Public Expenditures for Growth and Competitiveness

Bulgaria's economy performed relatively well during the crisis and the economy is reviving. In comparison with other Tenth European Union (EU10) countries, for Bulgaria the drop in Gross Domestic Product, or GDP growth was below the median, fi...

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Bibliographic Details
Main Author:	World Bank
Format:	Public Expenditure Review
Language:	English en_US
Published:	Washington, DC 2013
Subjects:	ACCOUNTABILITY ACCOUNTING ACCRUAL BASIS ACTIVE DEBT ANNUAL BUDGET ANNUAL RATE ANNUAL REVIEWS ARREARS ARTICLE BALANCE OF PAYMENTS BANK BORROWING BANKING SYSTEM BUDGET DEFICIT BUDGET EXECUTION BUDGET LAW BUDGET PLANNING BUDGET PREPARATION BUDGET PREPARATION PROCESS BUDGETING CAPITAL BUDGET CAPITAL EXPENDITURES CAPITAL INFLOWS CAPITAL INVESTMENT CAPITAL INVESTMENT DECISIONS CAPITAL PROJECTS CAPITAL SPENDING CAPITAL TRANSFERS CASH BASIS CENTRAL BANKS CENTRAL BUDGET CENTRAL GOVERNMENT CENTRAL GOVERNMENT BUDGET CIVIL SERVANTS CIVIL SERVICE COMPARATIVE ADVANTAGE COMPETITIVE MARKETS CONSUMER GOODS CONSUMER PRICE INDEX CONSUMPTION TAXES COST-BENEFIT ANALYSIS CPI CURRENCY CURRENCY BOARD CURRENT ACCOUNT DEFICIT CURRENT ACCOUNT DEFICITS CUT SPENDING DEBT MANAGEMENT DEBT RATIOS DECISION MAKING DEFICIT REDUCTION DEFICITS DOMESTIC DEMAND DOMESTIC SAVINGS ECONOMIC ANALYSIS ECONOMIC CONDITIONS ECONOMIC CYCLE ECONOMIC DEVELOPMENT ECONOMIC DOWNTURN ECONOMIC GROWTH ECONOMIC PERFORMANCE ECONOMIC RECOVERY EDUCATION SERVICES ELECTRICITY EXCHANGE RATE EXCHANGE RATES EXPENDITURE GROWTH EXPORT PERFORMANCE EXTERNAL DEBT EXTERNAL FINANCING EXTERNAL IMBALANCES EXTERNAL SHOCKS FINANCE STAFF FINANCIAL BALANCES FINANCIAL CONDITIONS FINANCIAL CONTROL FINANCIAL CORPORATIONS FINANCIAL CRISIS FINANCIAL MARKETS FINANCIAL RESOURCES FINANCIAL SECTORS FINANCIAL SERVICES FINANCIAL SHOCKS FINANCIAL STABILITY FISCAL ACCOUNTS FISCAL ADJUSTMENT FISCAL CONSOLIDATION FISCAL DEFICIT FISCAL DISCIPLINE FISCAL MANAGEMENT FISCAL PERFORMANCE FISCAL POLICY FISCAL POSITION FISCAL SUSTAINABILITY FISCAL TARGET FIXED EXCHANGE RATE FOREIGN CAPITAL FOREIGN DIRECT INVESTMENT FOREIGN DIRECT INVESTMENTS FOREIGN INVESTORS GOVERNMENT DEBT GOVERNMENT FINANCE GOVERNMENT SPENDING GRANT FUNDS GROSS DOMESTIC PRODUCT GROWTH MODEL GROWTH RATE HARD BUDGET CONSTRAINTS HEALTH CARE HEALTH SECTOR HEALTH SERVICES HEALTH WORKERS INCOME LEVELS INFLATION INFRASTRUCTURE INVESTMENTS INSTITUTIONAL CAPACITY INSURANCE INTENDED BENEFICIARIES INTEREST RATES INTERNATIONAL BANK INVESTMENT PORTFOLIO INVESTMENT PROJECTS LABOR COSTS LABOR FORCE LABOR MARKET LABOR MARKETS LABOR PRODUCTIVITY LIQUIDITY LOCAL GOVERNMENTS LOSS OF REVENUE MEDIUM-TERM FISCAL FRAMEWORK MEDIUM-TERM OUTLOOK MEDIUM-TERM PROGRAM METALS MINISTRY OF DEFENSE MINISTRY OF FINANCE MUNICIPAL LEVEL MUNICIPALITIES NATIONAL PRIORITIES NATIONAL STATISTICS NATURAL RESOURCES NEGATIVE INCENTIVES NEGATIVE SHOCKS OIL OPERATING EXPENSES PENSION FUND PENSIONS PERFORMANCE EVALUATIONS PERFORMANCE INDICATORS PERSONAL INCOME PERSONAL INCOME TAX PERSONAL INCOME TAX REVENUES POLICY FORMULATION POLICY MAKERS POVERTY REDUCTION PRICE INDEX PRIVATE CONSUMPTION PRIVATE INVESTMENT PRIVATE SECTOR PRODUCERS PRODUCTIVITY GROWTH PROGRAMS PROPERTY TAXES PUBLIC PUBLIC ADMINISTRATION PUBLIC DEBT PUBLIC EMPLOYEES PUBLIC EMPLOYMENT PUBLIC EXPENDITURE PUBLIC EXPENDITURE MANAGEMENT PUBLIC EXPENDITURES PUBLIC FINANCES PUBLIC GOODS PUBLIC INFRASTRUCTURE PUBLIC INVESTMENT PUBLIC INVESTMENTS PUBLIC PENSION PUBLIC RESOURCES PUBLIC SCHOOLS PUBLIC SECTOR PUBLIC SECTOR EMPLOYEES PUBLIC SECTOR PRODUCTIVITY PUBLIC SECTOR WAGES PUBLIC SERVANTS PUBLIC SERVICES PUBLIC SPENDING PURCHASING POWER QUALITY OF EDUCATION QUALITY OF SERVICES REAL EXCHANGE RATE REAL GROWTH REAL WAGES REALLOCATIONS REFORM AGENDA REFORM PROGRAM RETURN RETURNS REVENUE GROWTH REVENUE PERFORMANCE ROAD NETWORK ROADS SERVICE DELIVERY SOCIAL BENEFITS SOCIAL EXPENDITURE SOCIAL SECURITY SOCIAL SECURITY CONTRIBUTIONS SOVEREIGN DEBT STRUCTURAL REFORMS SUSTAINABLE GROWTH TAX RATES TAX REVENUE TAX REVENUES TRANSPARENCY UNCERTAINTY
Online Access:	http://documents.worldbank.org/curated/en/2012/03/16270635/bulgaria-public-expenditures-growth-competitiveness http://hdl.handle.net/10986/12451

Description
Summary:	Bulgaria's economy performed relatively well during the crisis and the economy is reviving. In comparison with other Tenth European Union (EU10) countries, for Bulgaria the drop in Gross Domestic Product, or GDP growth was below the median, fiscal performance deteriorated less, and public debt stayed among the lowest in the entire EU. In late January 2011 the EC concluded that in 2010 Bulgaria had made significant progress in deficit reduction and is on track to exit the excessive deficit procedure in 2011. The large macroeconomic imbalances observed in 2005-08 had been corrected by 2010 with relatively little negative impact on growth relative to other EU10 countries. Since late 2010 Bulgaria's recovery has been driven by net exports; investment and consumption are recovering more slowly. As long as the economic environment remains favorable and structural reforms are implemented as planned, the economy should reach and even exceed its pre-crisis level in 2012. This report is intended to inform policy makers, the international community, and civil society about Bulgaria's recent economic performance and its options for reforming public spending to enhance competitiveness and growth. It first reviews Bulgaria's growth strategy and its fiscal adjustment over the last several years and the medium-term challenges it confronts. The report then analyzes Bulgaria's export performance to identify comparative advantages and outline policy options to enhance competitiveness in the medium term. Reforms should focus on improving the productivity of the public sector to enhance service delivery, improve the business environment, and upgrade infrastructure. The report identifies two general areas for reform: (i) the wage bill and public employment; and (ii) management of public investment.

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