Bulgaria holds the 58th position in the IMD-Switzerland World Competitiveness Ranking 2024

According to the 2024 World Competitiveness Yearbook of the Institute for Management Development (IMD), Switzerland (Institute for Management Development – IMD), published on 18 June this year, in 2024, Bulgaria took the 58th place out of 67 countries altogether and has recorded a lack of progress since 2021 up till now. This result reflects both the positive aspects and the challenges which this country is facing. In 2020, our country ranked 48th, but that was followed by significant fluctuations, reflecting different economic and political factors.

The top three countries in the IMD's 2024 Annual Ranking of World Competitiveness are Singapore, Switzerland and Denmark. The main factors of the competitiveness profile in Bulgaria include: Economic performance (efficiency), Government efficiency, Business efficiency (environment) and Infrastructure. Compared to the previous year 2023, the country records the biggest slump in terms of its infrastructural condition (from the 54th to the 59th place) and its business environment (from the 62nd to the 65th place). Nevertheless, for the 3rd consecutive year, Bulgaria has seen growth in its economic efficiency (from the 48th to the 45th place), mainly thanks to its improved macroeconomic indicators such as the rising real GDP per capita.

As expected, Bulgaria's economic performance is distinguished by significant strengths and weaknesses. Our country takes the 1st place in terms of the real GDP growth per capita which is an interesting achievement. In addition, office rental costs and petrol prices are comparatively low and Bulgaria takes the 9th and 15th place, respectively, for these indicators which makes it an attractive destination for doing business. The export of commodities is also a strength, putting Bulgaria in the 17th place. Nevertheless, this country is facing challenges such as economic sustainability and long-term growth in employment where it takes the 63rd and 55th place, respectively.

The index, measuring "the Bulgarian Government efficiency", shows both strengths and weaknesses. Corporate tax puts Bulgaria in the 3rd place and the stability of the exchange rate ranks it 7th, demonstrating a stable and predictable fiscal environment. Nevertheless, political instability remains the main problem, with the country taking the 66th place in this indicator. Laws on competition and public procurement also need improvement, where Bulgaria ranks 64th and 63rd, respectively.

Bulgaria performs well in the "business efficiency" index in areas such as "fear of failure among entrepreneurs" (5th place) and "the remuneration of the Management " (6th place). These factors are critical for creating a dynamic business environment. Nevertheless, our country has serious problems in the employees’ training and the financial skills where it takes the last 67th place, which is really important for the sustainable business growth and innovation.

The index of Bulgaria's Infrastructure has its strengths such as the export of ICT services, where the country takes the 8th place, and such as the pupil/teacher ratio in primary education, which puts it in the 9th place. These strengths are fundamental for the future economic development. On the other hand, population growth and the available resources of qualified engineers remain significant obstacles and Bulgaria occupies the last 67th position in both indicators.

In conclusion, although Bulgaria faces significant challenges in improving its competitiveness, the country has considerable strengths and capacities. With purposeful reforms and strategic investments, Bulgaria can improve its economic performance and take a more competitive position on the world stage.

Center for the Study of Democracy


BCCI directly contributes to the preparation of this Ranking, by selecting Bulgarian companies and organisations to be included in it for higher representativeness, and coordinates the process of making the surveys in our country.

For more detailed information, please refer to:

► The Ranking by country (67 countries in total) – here

► The Ranking for Bulgaria – HERE




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