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Catching-up Countries - Lessons for Bulgaria

Author

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  • Hristo Mavrov

    (University of Economics - Varna)

Abstract

The data show that nowadays Bulgaria is lagging far behind in its development than other countries in the European Union. That is why catching up with developed countries is a key task for bulgarian economy. The article explores the causes that accelerate economic growth. For this purpose, five countries with the highest average annual GDP per capita growth rates for the period 1870-2016 are identified. Data used comes from the Maddison Project Database. By selecting and analyzing theoretical and empirical literature examining the success of these five countries, it is concluded that catching up is possible, but a unique, economic model is needed. At the same time, those factors, without which rapid development is impossible are determined.

Suggested Citation

  • Hristo Mavrov, 2019. "Catching-up Countries - Lessons for Bulgaria," Izvestia Journal of the Union of Scientists - Varna. Economic Sciences Series, Union of Scientists - Varna, Economic Sciences Section, vol. 8(2), pages 180-188, August.
    • Handle: RePEc:vra:journl:v:8:y:2019:i:2:p:180-188
    DOI: 10.36997/IJUSV-ESS/2019.8.2.180
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    References listed on IDEAS

    as
    1. Mr. Arvind Virmani, 2012. "Accelerating And Sustaining Growth: Economic and Political Lessons," IMF Working Papers 2012/185, International Monetary Fund.
    2. Popov, Vladimir, 2015. "Catching Up: Developing Countries in Pursuit of Growth," MPRA Paper 65878, University Library of Munich, Germany.
    3. John Page, 1994. "The East Asian Miracle: Four Lessons for Development Policy," NBER Chapters, in: NBER Macroeconomics Annual 1994, Volume 9, pages 219-282, National Bureau of Economic Research, Inc.
    4. Susan M. Collins & Barry P. Bosworth, 1996. "Economic Growth in East Asia: Accumulation versus Assimilation," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 27(2), pages 135-204.
    5. Seliger, Bernhard, 2010. "Theories of economic miracles," Discourses in Social Market Economy 2010-01, OrdnungsPolitisches Portal (OPO).
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    economic growth; catching-up countries; Maddison database; real GDP per capita; Bulgaria; East Asia;
    All these keywords.

    JEL classification:

    • A00 - General Economics and Teaching - - General - - - General

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