Catching-up Countries - Lessons for Bulgaria
Catching-up Countries - Lessons for Bulgaria

Summary/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.

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