Cabinet discussed economic growth in Bulgaria with representatives of the World Bank

An ambitious scenario for significant growth of the Bulgarian economy was outlined by Prime Minister Kiril Petkov during a meeting with representatives of the World Bank on June 6. The discussion at the Council of Ministers also focused on reducing inequalities through strategies to improve care in the health care, social services and education systems.

The Prime Minister pointed to the serious potential of the partnership with the World Bank. In his words, the financial institution can be useful to Bulgaria not only with its quality advisory work, but also in the implementation of projects.

At the meeting, the opportunities for Bulgaria to double and maintain its high growth rates over the next 15 years in order to quickly reach the European average income levels were discussed in detail.

However, this requires: deep structural reforms to raise growth potential; strengthening the integration of vulnerable groups and a transition to a green and digital economy.

The discussion identified four priority areas for cooperation that could unlock Bulgaria's economic growth potential. These were: building institutions and improving good governance; raising labour productivity, skills and employability for all; strengthening public spending to improve service delivery and increasing the sustainability of the growth model.