World Bank: Entire Bulgarian Generation Needed To Reach EU Standards

Bulgaria has to continue to improve collectability of taxes and take measures for reducing the size of the grey economy, recommended the European Commission.

The World Bank warned that, at this rate of labour productivity, an entire generation will be needed in order to reach the average levels of income and living standards in the EU.

The data was presented at a forum in Veliko Tarnovo dedicated to the possibilities for growth in 2017.

The advisor on economic development Georgi Yanakiev pointed out that, according to the EC, one of the most serious problems which Bulgaria faces is the high percentage of long-term unemployed.

“More than 62% of the unemployed are long-term unemployed and their options of joining the labour market again are extremely limited. Every fifth person entering the ranks of the unemployed at the moment is of Roma origin.”

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