Bulgaria Regional Minister Upbeat about Economic Recovery

Bulgaria's Regional Minister, Rosen Plevneliev, believes the country will soon enter the stage of economic recovery. Photo by BGNES

Bulgaria has now entered the depression stage to be followed by economic recovery, according to Regional Minister, Rosen Plevneliev.

Plevneliev spoke Wednesday during the opening of the real estate conference BalRec.

In order to participate, the Minister had to skip the meeting of the Council of Ministers, but told the attendees he had no regrets because he was expecting to hear from them many useful ideas to combat the crisis that would help the cabinet.

According to Plevneliev, the crucial issue now, since recovery is forthcoming, is how the economy would be restructured so that it would become economy of production, not consumption.

“In the light of our business history, we do not have many reasons to be optimistic. At the time we were carving the wood cannon here, the first golf club was built at another place. But we move at greater speeds and we are making up. If we become more effective we can increase our productivity to 55-60% of the European level, while now we are at 35-40%,” Plevneliev said, adding in order to achieve any economic growth, corruption must be stopped.

The Minister pointed out the greatest challenges before Bulgarians now are to begin working hard, stop paying bribes and pay taxes instead.

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