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Bulgaria
This information comes from the assessment conducted in country for the Bulgaria report, which was published in March 2002.
The Bulgarian insolvency legislation bends over backward to include every possible opportunity for creditor participation. However, this attempt at ultimate fairness undermines the system’s effectiveness, generating lengthy, unnecessary litigation, numerous delays due to excessive exercise of appeal rights, and inconsistent legal standards for major issues such as valuation. The practical aspects of the system are further hampered by involvement of incompetent officials, improper compensation to receivers, inability to abide by legal time triggers within the legislative code, and overburdened judges with largely administrative matters.
| Key Development Data & Statistics |
Year |
Latest Data |
| External debt stocks (% of GNI) |
2007 |
3.3 |
| GDP (current US$) (billions) |
2007 |
39.6 |
| GNI per capita, Atlas method (current US$) |
2007 |
4,580 |
| Population, total (millions) |
2007 |
7.7 |
| Population growth (annual %) |
2007 |
-1.0 |
| Exports (current US$) (billions) |
2008 |
22.3 |
| Imports (current US$) (billions) |
2008 |
35.3 |
Top Exports: clothing, footwear, iron and steel
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Top Imports: machinery and equipment, metals and ores, chemicals and plastics
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Source: World Bank Group 2009, CIA World Factbook 2009
For additional economic indicators, please visit the World Bank's " Private Sector at a Glance."
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