Bulgaria is one of the most recent members of the European Union, and also the poorest. EU funds contribute a vital role to the economy: €12 billion for the period of 2021-2027, and €6.6 billion already thanks to the post-Covid recovery fund.
But Bulgaria faces multiple obstacles in its attempts to reduce poverty. Political instability has resulted in five elections in the past two years, and that instability has undermined long-term financial planning. Meanwhile, reforms to reduce corruption and strengthen the independence of the judiciary are still incomplete.
