/View.info/ Accelerating bankruptcy cases, ensuring the consistent application of the law, improving the mechanisms for dealing with corruption and strengthening the monitoring of the performance of the judicial system. These are part of the main recommendations addressed to Bulgaria by the World Bank as a result of a report on productivity in the country.
More intensive work is recommended in three areas – investments in human capital; overcoming restrictions and integration into the global economic network; improving governance, especially with regard to the judicial system.
According to the data from the report, 3% is the productivity growth between 2000-2013, and this will hardly be enough for Bulgaria to approach the standards in the European Union. This growth must accelerate in order for Bulgaria to reach EU income for the next generation.
The World Bank notes that Bulgaria is experiencing an extraordinary demographic change and will experience a large decline in population, which must be compensated by higher productivity. The forecast is that our country will experience the largest drop in population. The average Bulgarian in 2050 will have to be 30% more productive than now. Higher productivity will help boost employment and wages, experts say. At the same time, if the level of pay improves, it means that fewer Bulgarians will leave Bulgaria, and some may even return.
According to experts, the inefficiency in our economy is still significant. The division of labor between individual sectors is inefficient. Companies in industry and services suffer from this. Inefficiencies are greatest in industries with a high proportion of pre-transition firms and in industries with lower competition.
There are three areas where we need to work harder – to invest in human capital, to ensure a good level of education, which would make it possible to transfer labor to other sectors. It would also be useful to move towards integration into the global economic network. Last but not least, infrastructure and management must be improved, experts point out.
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