Economic impact of COVID-19 pandemic: case of Bulgaria

Abstract

The COVID-19 has changing the business and has impacted the national economic system. As a result, not just the international trade has been reduced, but there is a sufficient change of the national and global value chains. Thus, the COVID-19 pandemic has not equally impacted on different countries and sectors. Even though the full lockdown has been applied just for 3 months as the preliminary results shows the Bulgarian economy is moved on the back of the EU economies with decrease of 6% for the last years and some of the sectors was shrinking with more than 50% for the last year. The paper analyses the internal change of the Bulgarian economic system and covers analysis of labour and innovation added value to the economic growth in Bulgaria. The analysis opposes the Economic growth before and during the COVID-19 crises. It will be a good starting point to analyse the national economic anti-pandemic measures. The paper aims to analyse what was gone wrong and what was done good insight the Bulgarian economy as result of the COVID-19 pandemic’s economy transformation. The analysis is good starting point for post-pandemic development measures that are needed for fast economic recovery in the next few years.