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Social Welfare: Bulgaria (2007-2021)

Author

Listed:
  • Rumen Yordanov Brussarski

    (Department of Finance, University of National and World Economy, Sofia, Bulgaria)

Abstract

Economic welfare has been one of the greatest challenges facing humanity since the expulsion of Adam and Eve from Paradise. Resources are limited, but people's desires for consumption are not. Since 01.01.2007, Bulgaria has been a member of the European Union (EU) – a political and economic union of 27 countries with an area of ??4 233 255 sq. km., a population of about 450 million people and over 15% of the world's gross domestic product. This article is devoted to economic growth, inequality in the distribution of income and the welfare of our society for the period 2007 – 2021. In the research process, we work with three main indicators – real gross domestic product per capita, Gini coefficient and social welfare function of Sen. For the purposes of the comparative analysis, we use four benchmarks – the EU 27, the neighboring countries, the countries of the Visegrad Group and the three largest economies in the EU. The study shows unsatisfactory rates of catch up economic development, a high degree of inequality in the distribution of income and the lowest level of social welfare within the EU for the entire period.

Suggested Citation

  • Rumen Yordanov Brussarski, 2023. "Social Welfare: Bulgaria (2007-2021)," Finance, Accounting and Business Analysis, University of National and World Economy, Institute for Economics and Politics, vol. 5(1), pages 28-38, June.
    • Handle: RePEc:aan:journl:v:5:y:2023:i:1:p:28-38
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    More about this item

    Keywords

    economic growth; income inequality; social welfare;
    All these keywords.

    JEL classification:

    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
    • D30 - Microeconomics - - Distribution - - - General
    • D60 - Microeconomics - - Welfare Economics - - - General

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