Bulgarian Economist: The Contribution of Ukrainian Refugees to the Economy is Enormous

Ukraine | May 3, 2022, Tuesday // 11:59|  views

The contribution of Ukrainian refugees to the domestic economy is enormous. This is what the economist Iskren Penchev said on the air of Nova TV today.

"The 11 billion that the Bulgarian government has spent to help refugees has not just been returned by the EU, but many times more. Our country is a serious beneficiary of Ukrainian funds. Since the start of the war alone, more than 3 billion euros in cash have been exported from Ukraine. We do not know whether these funds will be spent in Bulgaria, but the effect on the economy is visible. At least this will give liquidity to Bulgarian banks.”

“In any case, the money spent by Ukrainian refugees in our country is much more than the official data show. We have no information about the cash that enters the country," he explained.

According to him, most of the refugees participate in the real estate market not only through rents but also through direct purchases.

"This increases the demand for real estate, especially on the Black Sea coast, but also raises the price of existing real estate. It's called the ‘Wealth Effect,’" he said.

Penchev pointed out that Ukrainian companies fleeing their homeland are also interested in Bulgaria.

"They are mainly in the business sphere. Wages there are higher and have high added value. Our country should welcome them with open arms," ​​he added.

Many Ukrainian refugees arriving in Bulgaria still rely on their own funds. Alla is no exception, as she arrives from Chernomorsk. She has worked for a long time as a teacher in her homeland, but here she cannot find a job in her specialty.

"My child is studying online and I can't leave him alone. The language barrier is also a problem, I don't know Bulgarian," she said.

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Tags: refugees, Ukrainian, economy, Bulgaria


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