Like most of Europe, Bulgaria is built upon a rich history of success and struggles. Formally established in the late 7th century, the Balkan state experienced a brief "Golden Age", which saw a flourishing of the arts, and the creation of the Cyrillic alphabet. After about five centuries under the Ottoman Empire, Bulgaria finally gained independence in 1908, only to be annexed into the Soviet Union after World War II. Now, with Soviet rule in the past, and its new EU membership secured, Sofia is poised to embark on a journey of political and economic change.
The Bulgarian economy fell into rough times following the dissolution of the Soviet Union. Fortunately, economic reforms in 1997 managed to stifle inflationary pressures, and effectively smothered a three-digit inflation rate in about one year. Since then, the nation has registered vigorous GDP growth, hitting a record 5.8% in 2004. This was further augmented by efforts to curb unemployment and corruption, as well as to attract foreign investment. With a burgeoning IT workforce, and a newly minted government committed to raising living standards, Bulgaria is fast becoming the center of attention in the Balkans.
Learn more about Bulgaria on globalEDGE Country Insights.
This month's poll question is:
"Bulgaria was admitted to the European Union (EU) in January 2007. How will EU membership most enhance Bulgaria's economy?"
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Renewable Energy Sources Usage in Bulgaria to Increase by 10 Percent
Sofia Echo (March 12, 2007)
http://www.sofiaecho.com/article/renewable-energy-sources-usage-in-bulgaria-to-increase-by-10-per-cent/id_21156/
Since joining the EU, Bulgaria will have to increase its renewable energy usage by about 14 percent to meet the 20 percent requirement. The plan is to increase usage by 10 percent for the next 13 years. While using strictly renewable resources might be costly and unfeasible, it is heartening that Bulgaria is moving in a cleaner direction.
Foreign Tax Breaks May Expire
Miami Herald, by Joe McDonald (March 10, 2007)
http://www.miamiherald.com/127/story/37232.html
China has set a plan to level tax rates for foreign and domestic companies at 25 percent, instead of 15 and 33 respectively. If the rates do change, it will cost China $12.5 billion, but the Chinese Finance Minister believes that investments will not be affected. China is also looking at a fuel tax to encourage lower emissions and reduce greenhouse gases.
Bulgaria Among Countries with Most IT Specialists in the World
Sofia Echo (February 27, 2007)
http://www.sofiaecho.com/article/bulgaria-among-countries-with-most-it-specialists-in-the-world/id_20871/
Information Technology is a goldmine in Bulgaria. The southeastern European nation is ranked third and eighth respectively, in Europe and the world, for the number of IT specialists per capita. With 5,000 fresh graduates added to the pool annually, it seems Sofia is steadily making its way up the IT food chain.
View more News on globalEDGE.
An EU Directive Pits Environmentalists Against Developers in Bulgaria
International Herald Tribune, by Matthew Brunwasser (February 23, 2007)
http://iht.com/articles/2007/02/23/business/wbnatura.php
Conflict abounds in Bulgaria, the newest member of the EU. Blessed with a virgin countryside, the developing, southern European nation is embroiled in hostilities over Natura 2000, an EU environmental protection measure. In a country where land ownership holds more than mere economic significance, the government treads a fine line between private and environmental concerns. Backed into a corner by furious landowners and environmentalists, the administration of Prime Minister Sergei Stanishev must also contend with pressure from its new friends in the EU.
Corporate Wikis Go Viral
BusinessWeek, by Dan Carlin (March 12, 2007)
http://www.businessweek.com/technology/content/mar2007/tc20070312_476504.htm
The seeds of Wiki are slowly but surely being sowed in the corporate arena. Led by Nokia and Dresdner Kleinwort, the business world is gradually warming up to the mass collaborative phenomenon. First gripped by uncertainty, Wiki converts in both companies are now raving about the time and cost effectiveness of the tool; other benefits of the new practice include increased productivity, coupled with a reduction in email use. While still not a mainstay in most firms, Wikis are set to take the corporate sector by storm, backed by the successes of Nokia and Dresdner Kleinwort.
English Orated Here
Newsweek, by B. J. Lee (February 26, 2007)
http://www.msnbc.msn.com/id/17202839/site/newsweek/
An $18,000 scholarship to a school that rivals Ivy League institutions and a guaranteed job after graduation is a deal that seems impossible to pass up. Schools like Underwood International College in South Korea are desperately trying to hold on to their natural Asian students with extensive scholarship programs and all English undergraduate schools. Asian countries have the most students studying abroad and their native countries want them back. Getting a high quality education, saving money, living close to home, and studying in English is quickly becoming the perfect package for students in the region.
View more In Depth Look articles on globalEDGE.
A sample of some of our recently added sites:
Bulgaria: Bulgaria Business Guide
http://www.sofiaecho.com/bulgaria-business-guide/p_78/
This site is a section of The Sofia Echo, a news agency in Bulgaria, and provides a guide to the business environment in Bulgaria; information is especially relevant to foreign businesspeople. The guide is divided into business climate, economic indicators, sectors, doing business in Bulgaria, and real estate. Some examples of the information provided are macroeconomic climate, inflation dynamics, and setting up a company.
Country: Bulgaria
Category: Trade: Trade Tutorials
Bulgaria: Expat in Bulgaria
http://www.expatinbulgaria.com/
This website offers resources for expatriates living in Bulgaria. Resources include a survival guide, with information about healthcare, language, education, driving, visas, and information on business, lifestyle, travel, and real estate. There is also a forum, so members may interact and share experiences and tips.
Country: Bulgaria
eLanguageSchool
http://elanguageschool.net/
This site provides detailed lessons and information on vocabulary and phrases, as well as grammar, and includes follow-up practices and exercises for further learning. The languages covered are Chinese, Dutch, French, German, Italian, Japanese, Korean, Portuguese, Russian, and Spanish. Nearly all the content is free, with the exception of podcasts and other multimedia sessions.
Category: Reference: Language Tools
View more recently added sites on globalEDGE.
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