Bulgaria Table of Contents
The end of central planning opened the Bulgarian economy to world competition and began a wrenching transition for which it was ill-equipped in finance, industrial diversity, agricultural infrastructure, and available natural resources. The transition was made doubly difficult because the long years of privileged access to energy had fostered inefficient energy use in the Bulgarian economy.
Under the new economic conditions, imports would be purchased only in hard currency; although Western firms and governments offered some credits and aid in 1991, Western investors preferred Poland, Hungary, and Czechoslovakia to Bulgaria. Those countries were more familiar to Westerners, and they had had relatively advanced market economies before World War II. For these reasons, in the early 1990s they received the lion's share of a rather meager Western investment in Eastern Europe.
Data as of June 1992