It has successfully implemented the medium-term economic programme and overall economic stability has been sustained. This has created positive perspectives for economic growth, low inflation, reduction in public debt, increased foreign investment and privatisation. Progress has been made in the liberalisation of prices and trade. Land reform and establishment of the agricultural census need particular efforts. Privatisation has not yet lead to increased competitiveness.
Extra effort is needed to simplify legal and administrative procedures.
Bankruptcy and liquidation procedures must also be improved. Privatisation of public undertakings and banks has made significant progress. Bulgaria has not yet adopted a restructuring plan for the coal and steel sector. Bulgaria has made progress concerning the implementation of privatisation programmes and has further strengthened market-economy institutions. However, major efforts are still needed in order to implement restructuring plans and bankruptcy and liquidation procedures to their full extent and to complete privatisation of remaining key industries as well as the legislative and institutional framework of a market economy.