Bulgaria

Once a communist state, Bulgaria has gradually transformed into a market-oriented, fast-growing economy, joining the EU in 2007. With a population of around 6.5 million, Bulgaria boasts a diversified agricultural, manufacturing and industrial base, as well as remarkable growth in the information technology, technical support and business process outsourcing industries. Furthermore, with the Bulgarian lev pegged to the euro and the absence of legal constraints on foreign ownership or control of firms, numerous U.S. and European companies have established global and regional service centers in the country.

However, Bulgaria still grapples with significant challenges, including entrenched corruption and bureaucratic inefficiencies, inadequate infrastructure, and having the EU’s lowest per-capita income. Labor shortages, a substantial informal economy and low labor productivity rates are additional concerns. A heavy dependence on energy imports poses further hurdles.