INNOVATIONS AND INDUSTRIAL DEVELOPMENT IN BULGARIA
Published: 29 Aug 2014
Abstract: This paper aims at identifying the most critical points of the Bulgarian industrial development for the last 20 years, following the political changes in the early 90s in Central and Eastern Europe. The analysis explores the most common characteristics of economies in transition by focusing on the primary causes for the dropdown in industrial production and the significant decrease in the country’s GDP since the beginning of the transition period. The objective of the research is to highlight the major trends of transition economies that led to industrial decline as well as to offer sustainable mechanisms for overcoming such downturns. Hence, the analysis postulates that innovations have a crucial role and could be considered as an effective measure for reviving collapsing industries. The research methodology includes a literary review and macroeconomic data analysis for the period 1990-2012, along with current and future trends for the development of the Bulgarian industry.
Keywords: industrialization, privatization, sustainable development, innovations
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