Is an Export-Led Growth Sustainable for Bulgaria?
Is an Export-Led Growth Sustainable for Bulgaria?

Author(s): Victor Yotzov
Subject(s): National Economy
Published by: Udruženje ekonomista i menadžera Balkana
Keywords: Bulgaria; Export-led growth; Import-substitution; Domestic demand-driven growth
Summary/Abstract: The study considers the main economic growth models from the perspective of their relation to the external sector. It defines the advantages and drawbacks of the export-led model and the import-substitution model and sheds light on the growth constraints ensuing from the balance of payments and the elasticities of imports and exports. It analyses the prerequisites for selection of one or another growth model and comes to the conclusion that Bulgaria will have to implement an export-oriented growth model within a medium-term perspective. In this relation, it makes proposals aimed at improving the country’s foreign trade policy.

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