Bulgarian Socialists' Program Vows 80% GDP Growth in 10 Years

Finance | June 24, 2011, Friday // 17:44|  views

Yavor Kuyumdziev, ex deputy economy minister, has presented the economic program of the Socialists. Photo by BGNES

The opposition Bulgarian Socialist Party has unveiled a highly ambitious economic program which vows to make Bulgaria's GDP per capita 75% of the EU average in 10 years, up from about 40% at present.

The Socialists' "Program for a Stable and Dynamic Market and Socially Oriented Economy" was unveiled before the National Council of the BSP by Yavor Kuyumdzhiev, head of the BSP's economic council, and former deputy economy minister in the Socialist-led three-way coalition government in 2005-2009.

Thus, the Socialists claim they can make Bulgaria's GDP grow by 6% annually on average, reaching a growth of 80% in a 10-year period.

"The most important thing is to understand the processes in the Bulgarian economy. We have carried out a review of the present condition of the Bulgarian economy after the GERB party has been in power for two years, leading the state of the economy to a catastrophe – the GDP is stagnating, the unemployment is on the rise, the consumption and industrial production are declining, and foreign direct investment has collapsed," Kuyumdzhiev told the Socialists' National Council on Friday.

The emergency measures proposed by the program provide for an immediate increase of the minimum monthly wage and retirement pensions in accordance with inflation, terminating the racketeering by the state of the business sector, active measures to stop contraband, terminating the fake export of goods, crediting SMEs with additional BGN 500 M through the Bulgarian Development Bank, destroying monopolies and cartels and reinstating market rules, unblocking the financial resources of the Bulgarian municipalities.

These measures are supposed to reinvigorate the Bulgarian economy while maintaining its macroeconomic stability, improving the standard of living, and the welfare state, according to the BSP.

The Socialists have further slammed the Cabinet of Boyko Borisov for losing time with respect to the construction of large-scale energy projects such as the Belene NPP, the Burgas-Alexandroupolis and AMBO oil pipelines, the South Stream and Nabucco gas pipelines, and that Borisov has put their realization in question.

The BSP further supports increasing the share of nuclear energy in Bulgaria to 50% of the production, and of renewable energy sources – to 16%.

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Tags: BSP, Bulgarian Socialist Party, Yavor Kuyumdzhiev, GDP, Belene NPP, Burgas-Alexandroupolis oil pipeline, South stream, Nabucco, nuclear energy, renewable energy sources, AMBO oil pipeline

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