Bulgaria's Gray Economy - Is the Glass Half Full?

Gray economy is better than no economy, Bulgaria's Finance Minister from the ruling centrist-right GERB, Traicho Traikov, said Wednesday.

Indeed, Traikov is correct - "no economy" would be an even worse scenario than having very little economy, a vast part of which in the gray sector.

Traikov's revelation was provoked by a new survey of the Association of Industrial Capital, which shows that every second Bulgarian works in the gray economy and it already accounts for 45% of the market.

The gray economy in Bulgaria in 2010 had a 40% share of the entire business sector and keeps growing, according to the survey.

One might wonder what incentives the government will come up with regarding these disturbing figures.

On the other hand, why not chill out and follow Minister Traikov's optimistic vibe? Or, as Prime Minister Boyko Borisov told the Bulgarian journalists Wednesday in his uncompromising style: "Stop whining!"

After all, a GERB government still seems somewhat better than no government.

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