In the conditions in which Bulgaria faces economic difficulties, economists emphasize the lower position of the country in the European Union, especially from the point of view of purchasing power, writes Agerpres with reference to the Bulgarian publication Novinite.

According to the latest Eurostat data, Bulgaria ranks last in the EU, which is an alarming indicator of its economic situation.

Economists draw attention to a critical disparity: not a single EU country entered the Eurozone with a minimum wage of less than 500 euros. This stark reality highlights the economic difficulties facing Bulgaria and underscores the need for significant improvement to narrow the gap with European nations.

Vasyl Velev, president of the Industrial Capital Association, expressed concern about the low growth of the Bulgarian economy compared to other Central and Eastern European (CEE) countries. Although Bulgaria is making progress, the pace is insufficient, resulting in a widening gap between productivity and living standards.

“Other CEE countries are significantly ahead of us. They are already approaching the EU average. GDP per capita must be increased in order to increase the competitiveness and standard of living of Bulgarians,” Velev said in an interview with bTV.

Similarly, Lyuboslav Kostov, the chief economist of the Confederation of Independent Trade Unions of Bulgaria (KNPB), expressed concern about the country’s economic performance. He emphasized the need to record economic growth rates higher than the European average in order to promote real rapprochement with the EU.

Bulgaria wants to join the Eurozone in 2025

Speaking about Bulgaria’s aspirations to join the Eurozone, economists emphasized the importance of stability and economic growth. They noted that to join the eurozone, the minimum wage is usually above €500, and Bulgaria has not yet reached that level.

Bulgaria has been plagued by political instability, including a series of shaky coalitions and caretaker governments that have hampered its efforts to join the eurozone. The war in Ukraine and last year’s European energy crisis have also changed plans to meet the inflation target.

Recently, Eurogroup President Paschal Donohoe expressed optimism about Bulgaria’s chances of joining the euro in 2025. Donohoe said it was up to the government in Sofia to say whether it wanted to demand a new economic assessment.

“Bulgaria could join in 2025, and all the efforts now being made to meet the inflation target this year are important,” he said recently.