Republic of Bulgaria

Capital: Sofia                  HDI: 0.777 (58th)

Language: Bulgarian

GDP (PPP): $128.6 billion

Population: ~ 7.1 million   Currency: Lev

 

Bulgaria, as a former communist bloc country and now a member of the EU, has since the 1990’s focused on switching over to a free market economy and attracting foreign businesses through low, flat corporate income taxes of 10%. The country has been making concerted efforts to crack down on corruption and organized crime, with the goal of making Bulgaria an increasingly better and better environment in which to do business. Economic development and reforms resulted in Standard & Poor upgrading the nation’s investment outlook from “negative” to “positive” between 2009 and 2010. This economic development, cheap costs of living, and low corporate taxes have resulted in the nation attracting many major organizations such as IBM, Siemens, and Hewlett Packard.

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