Bulgaria and Romania Anticipate Economic Surge with Schengen and Eurozone Accession

Politics | November 23, 2023, Thursday // 18:08|  views

The economy ministers of Bulgaria and Romania have highlighted the substantial economic benefits anticipated upon their countries' accession to the Schengen area and the eurozone. During a recent statement on November 23, both ministers emphasized the considerable advantages they foresee once their nations become part of these key European zones.

Bulgaria's Minister of Economy and Industry, Bogdan Bogdanov, underscored the competitiveness factor, stressing the extensive waiting times for road haulage companies at border crossings. He pointed out that these delays translate into significant losses for the economy. He expressed expectations of a notable boost to the Gross Domestic Product (GDP) between 3 and 5 percent following Bulgaria's entry into Schengen and the eurozone.

Similarly, Romania's Minister of Economy, Stefan-Radu Oprea, echoed these sentiments, emphasizing the economic setbacks their country currently faces by not being part of the Schengen area. Oprea highlighted that Romania's economy suffers an annual loss of 0.5% of its GDP due to its absence from the Schengen zone.

Both ministers are hopeful of a positive outcome in the forthcoming vote, expecting a turnaround in economic fortunes for Bulgaria and Romania once they join the Schengen area.

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Tags: Bulgaria, Romania, Schengen, Eurozone


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