CIA: Bulgaria Still Hampered by Crime

The CIA lists as main challenges for Bulgaria corruption, organized crime and a flawed judicial system. File photo

Bulgaria continues to be hurdled by corruption, crime and a weak judiciary, according to the US CIA.

The opinion, cited by the Bulgarian news agency BGNES, has been published in September when the CIA updated their World Factbook.

"Bulgaria, a former Communist country that entered the EU on 1 January 2007, averaged more than 6% annual growth from 2004 to 2008, driven by significant amounts of bank lending, consumption, and foreign direct investment. Successive governments have demonstrated a commitment to economic reforms and responsible fiscal planning, but the global downturn sharply reduced domestic demand, exports, capital inflows, and industrial production. GDP contracted by 5.5% in 2009, stagnated in 2010, despite a significant recovery in exports, and grew approximately 2.2% in 2011," the CIA note.

The World Factbook further stresses that "despite having a favorable investment regime, including low, flat corporate income taxes, significant challenges remain. Corruption in public administration, a weak judiciary, and the presence of organized crime continue to hamper the country's investment climate and economic prospects."

The World Factbook provides information on the history, people, government, economy, geography, communications, transportation, military, and transnational issues for 267 world entities. It is updated once a year and is publically accessible.

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