Business in Bulgaria fears political and energy crises

The business climate assessment for the year and that of the condition of the companies of participants in the traditional survey among the members of the Bulgarian Industrial Association is overwhelmingly negative.

For 2023, business attitudes show mostly preservation or deterioration of economic indicators, rather than positive development. The majority of respondents point out the rise of prices, the fiscal and regulatory burden and inflation as risks to the development of the Bulgarian economy. The concerns are mainly related to the ongoing economic and energy crises, provoked by the military conflict in Ukraine, as well as to the political turbulence in the country that brings instability and uncertainty. Lack of manpower and frequently changing regulations, bureaucracy, regulatory burden and lack of e-government are also among the biggest obstacles, according to the business.

The expectation for a rise in prices and the price of labor, makes most employers (67%) envisage wage hikes in their plans for 2023. /BGNES