Sozinova E. Structural consequences for the economy of Bulgaria's integration into the European investment market

Abstract

Integration processes in the European investment market influence on Bulgaria economy is investigated in the article. Influence of crisis processes on a macroeconomic situation and flowing economic and social situation is analysed. The role of stabilization mechanisms in reduction of influence of the crisis phenomena on economic situation in Bulgaria is defined. The analysis of advantages and disadvantages of a financial system of Bulgaria before the possible entry into the eurozone in 2009 and its structure of economy (industry, construction, agriculture) during domination of communistic ideology and at the present stage of development is carried out. The role of tourist sector in national economy is investigated, are defined strong and weak sides, influence on structural development of other sectors, the main tourist objects and their investment appeal. The investment climate in the country, sectors of economy, which attracted investments and their aggregate macroeconomic effect, is analyzed. It is noted that year of the entry of Bulgaria into the EU was characterized by peak of investment receipts in national economy, also speaks about the end of privatization of large industrial and nonindustrial facilities. It is defined that global financial crisis negatively affected the international reputation of the country and a place in world ratings, especially in two such influential as competitiveness index and doing business index in which country positions significantly worsened. The main determinants of internal policy which had negative effect on structural transformations and slow down development of economy of Bulgaria in comparison with other European countries are figured.