Structural Changes in the Bulgarian Economy and Their Impact on the Economic Growth

Abstract

The aim of this piece of research is to carry out an assessment of the impact that the structural changes in Bulgaria’s economy have on the economic growth achieved in the period before and after the country’s accession to the European Union (EU). In order to assess the impact, what is first examined is the structural vector’s role as both a criterion for the assessment of an economy’s level of development and as a strategic factor for reaching specific economic growth rates. To examine the correlation between structural changes in the economy and economic growth, the input-output model (The World Input-Output Database) has been utilized. The assessment of the impact of structural changes in the economy on the achieved economic growth is conducted on the basis of the multiplier factor analysis of the changes in the following variables: volume of gross output, structure of gross output, the Leontief matrix, the Leontief inverse matrix, volume of final output, and structure of final output.