The study assesses Bulgaria'sprogress in its transition to a market economy, and in itspreparation for accession to the European Union (EU),through an analysis of economic developments during the1990s, with special emphasis on the 1997-1999 period. Itidentifies the major challenges the country faces insustaining macroeconomic stability, and accelerating growth.To maintain fiscal stability and ensure adequate publicinvestment to gradually reduce the public debt will requirebuilding strong fiscal risk, debt management skills. Thepublic investment required to meet the dual challenge ofcompleting the transition, and joining the EU, issignificant. The Government's remarkable reform programof the last three years, has radically transformed theeconomy, with conditions established for high, and sustainedgrowth. Yet, unemployment is growing, and by and large, thestandards of living have significantly declined, meaningfurther reforms will be needed to boost private investment,and establish the supportive institutional foundationsrequired for a market economy. The reform agenda focuses onensuring a public-private interface through macroeconomicstabilization, eliminating state direct interventions, andbuilding the public-private legal framework, as well ascapacity, and credibility.
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