Bulgaria is among the 5 countries in the EU with the smallest economic downturn in the second quarter and in the top 3 in financial stability, based on the government debt ratio relative to GDP. Our country is number one in terms of credit rating in the Balkans. This was stated by the Minister of Economy Lachezar Borisov in a speech to the participants in the Annual Conference with the Ambassador Extraordinary and Plenipotentiary and the Permanent Representatives of Bulgaria. He took part in the videoconference thematic discussion “Diplomacy in support of the Bulgarian economy”, according to the Ministry of Economy.
Minister Borisov stressed that Bulgaria is coping relatively well with this unprecedented crisis caused by the coronavirus, thanks to its macroeconomic and financial stability. “The new situation will inevitably affect Bulgaria’s economic relations, but at the same time it will provide new opportunities for Bulgarian business and our country as a ‘neаrshoring’ destination, as many companies are already interested in shortening supply chains,” he said.
Lachezar Borisov also pointed out that in the second quarter of this year Bulgaria was severely affected by the crisis and yet our country is among the top 4 countries in the EU with the smallest economic downturn – 8.2% on an annual basis, as the EU average is 14.1%.
The Minister of Economy defined as the main foreign economic priorities the admission of our country to the Organization for Economic Cooperation and Development / OECD / and the participation in the Three Seas Initiative.