01.02.2021

The Organisation delivered today two key messages from its economic survey of our country, which is an important step towards Bulgaria's membership in the OECD

The Economic Survey of Bulgaria, prepared by the Organisation for Economic Cooperation and Development (OECD), was officially presented at an online meeting attended by Prime Minister Boyko Borissov, OECD Secretary General Angel Gurria, Deputy Minister of Finance Marinela Petrova and Alvaro Pereira, Director of Country Surveys Section, Economy Division, OECD. The key messages for the economy and finances, as well as the recommendations to our country are presented in a short brochure.

The OECD Survey, prepared with the key role of the Ministry of Finance and in partnership with other Bulgarian institutions, analyses the macroeconomic achievements of Bulgaria, as well as its achievements in the financial and banking area, and also outlines the key challenges to our economic development in the short and longer term. Such a paper is released for the first time in 20 years, i.e. the first Economic Survey of Bulgaria was made by the Organisation in 1999. 

The paper presented today is part of the Roadmap of the Republic of Bulgaria for OECD Membership — a membership that is among our key foreign policy priorities in the last couple of years. In 2019 Prime Minister Boyko Borrisov presented the action plan for achieving this priority goal.

The Ministry of Finance has been working actively to implement the Roadmap by participating in a number of OECD initiatives and working formats in macroeconomic analyses and forecasts, tax policy, financial regulations and financial literacy, SOE management, and also coordinating the work on Bulgaria's joining the Organisation's Liberalisation Codes. The legislative amendments initiated and adopted in the above areas support the achievement of the goals for accelerated growth and bridging the gaps by conducting reforms in key areas of our social and economic policy. This OECD Economic Survey is an acknowledgement of the actions of the Ministry of Finance to ensure macroeconomic stability and of the reasonable fiscal decisions taken in the context of a pandemic and a global crisis in 2020.

The paper finds that public finances are sound and rapid action was taken to support firms and households. The economic activity is expected to recover gradually and to depend on the external environment, which also determines the main risk for the growth forecast. The Survey also states that coping with the pandemic will require continued fiscal support, public investment and the advancement of priority reforms.

The Organisation for Economic Cooperation and Development was established in 1961 to foster sustainable economic development policies, to improve the standard of living of the population and to maintain financial stability. At present it has 37 members, among which the most developed economies in Europe, North America, South America and Asia. 22 EU members are members of the OECD. Bulgaria submitted an official OECD membership request in 2007.