Bulgaria Needs New Growth Model, Radev Tells IMF's Georgieva - Novinite. com - EUROPE SAYS
Prime Minister Rumen Radev held talks in Sofia with IMF Managing Director Kristalina Georgieva and IMF Mission Chief for Bulgaria Fabian Bornhorst, with discussions centered on Bulgaria’s economic outlook,. . .
Prime Minister Rumen Radev held talks in Sofia with IMF Managing Director Kristalina Georgieva and IMF Mission Chief for Bulgaria Fabian Bornhorst, with discussions centered on Bulgaria’s economic outlook, competitiveness reforms, and the role of new technologies and artificial intelligence, according to the Government Information Service. Radev said the government is seeking a “qualitative change” in the economic environment, focusing on attracting high value added investment to support modernization of the economy. He underlined that Bulgaria remains among EU countries with the lowest public debt, while also noting that in recent years it has been among the member states with the highest level of borrowing. He warned that recent growth has been driven mainly by domestic consumption, while investment and industrial output have lagged. “Over the past five years, economic growth has been driven primarily by stimulated domestic consumption, while investment and industrial production have lagged behind. We must change the growth model and place investment, manufacturing and exports back at the center of economic development. Only then can we achieve sustainable growth, higher productivity and better incomes for citizens,” Radev said. The Prime Minister stressed the need to reduce administrative burdens on businesses and improve conditions for investment, highlighting greater transparency in state processes. He pointed to the SIGMA public procurement framework as an important tool, arguing that it signals institutional change and improved accountability. Radev also described Bulgaria as a strategic link between Europe and Asia, with potential in transport, energy, and digital connectivity projects. He added that the country’s education system should be further strengthened in science and technical fields to meet demand for engineers, IT specialists, and other highly skilled professionals. Tags:EconomyIMFInternational Monetary Fund