On April 4th, 2026, the American Chamber of Commerce in Bulgaria (AmCham Bulgaria) held the business breakfast, themed Bulgaria 2026: Economic Prospects.
The Business Breakfast included a strong presence and participation from Dimitar Radev, Governor of the Bulgarian National Bank, Georgi Klissurski, Caretaker Minister of Finances and Jason Pellmar, World Bank Group Country Manager for Bulgaria.
The event was opened by Ivan Mihaylov, CEO of AmCham Bulgaria, who greeted the guests and stated, that this conference is a logical and needed continuation of the 2023 AmCham Event “Bulgaria in the Eurozone: Next Steps for the Business“, and the Memorandum of Understanding with the Bulgarian National Bank to speak about the benefits of the eurozone and how business should navigate in turbulent times.
Mr. Mihaylov asked the audience to pay respect to the longest running Executive Officer of the Chamber Valentin Georgiev, who unfortunately passed away earlier this week.
Dimitar Radev: “If We Remain Disciplined, Bulgaria will be in a Good Position Not Only to Weather the Current Shock but Also to Emerge From it Stronger”
The right response today is not an overreaction, but consistency – in macroeconomic policy, in fiscal decisions, in institutional reforms, and in long-term efforts to improve productivity and competitiveness.
This was stated by Dimitar Radev, Governor of the Bulgarian National Bank (BNB), at the Business Breakfast
He also outlined three core priorities: maintaining fiscal discipline by preserving buffers and avoiding broad-based measures that offer short-term relief but undermine long-term stability; improving the business environment by reducing administrative burden and strengthening the rule of law as a direct driver of investment attractiveness; and pursuing long-term adaptation through digitalization, innovation, and productivity growth rather than simply compensating for shocks. Radev emphasized that as a small and open economy, Bulgaria is particularly vulnerable to trade disruptions and energy price shocks, making it all the more important that domestic policy remains predictable even as the external environment grows more volatile. He also highlighted eurozone accession as a strategic choice that strengthens institutional credibility, boosts investor confidence, and creates a more stable framework for long-term economic decision-making.
Through the following link, you can read Mr. Radev’s full statement at the AmCham Business Breakfast in Bulgarian on BTA’s website.
Georgi Klisurski: “Whoever Drafts the 2026 Budget Must Cut Spending”
Caretaker Finance Minister Georgi Klisurski warned that the regular 2026 budget will require difficult decisions focused on optimizing public expenditure, as Bulgaria otherwise risks losing its strong fiscal standing in Europe.
Klisurski stressed that whoever prepares and adopts the 2026 budget – whether the caretaker team or the next government – will need to make bold and potentially unpopular choices, centered on reforming the expenditure side of public finances. He called for a bottom-up review of public spending, questioning whether all current processes, posts, and expenditures are truly necessary, and noted that new technologies such as artificial intelligence could help implement previously unpopular optimization decisions in a way that is economically sound and beneficial to taxpayers.
On EU funds, Klisurski noted that the caretaker government had submitted a request to the European Commission for the fourth Recovery and Resilience Facility payment of around €1 billion, with a final payment of approximately €2.5 billion expected in October or November – conditional on Bulgaria investing €4 billion in its economy by the end of August.
Klisurski also outlined a broader economic vision, stating that Bulgaria’s growth must be driven by investment, production, and exports rather than consumption alone, and expressed confidence that the country will meet all OECD membership criteria by the end of the year, with full accession expected in 2027.
Fireside Chat: Enhancing Bulgaria’s Competitiveness on the Global Stage
The Business Breakfast concluded with a panel discussion between Jason Pellmar, World Bank Group Country Manager for Bulgaria and Latchezar Bogdanov, Chief Economist, Institute for Market Economics.
Mr. Pellmar expressed strong support for PPPs as a key driver of Bulgaria’s growth agenda, particularly given the country’s limited fiscal space and capacity to develop large infrastructure projects independently. Sofia Airport was cited as a successful example of the model, with calls to extend similar approaches to the port sector, district heating, water service delivery, pump storage hydro, and even the health and education sectors. The emphasis was on well-structured competitive tendering processes that bundle financing, construction, and long-term maintenance – avoiding the pattern of building infrastructure only to let it deteriorate.
The energy shock was identified as a significant short-term challenge, though markets currently expect oil and gas prices to decline over 3 to 6 months, which would limit the damage. Bulgaria’s vulnerability was acknowledged, partly due to its energy-intensive economy. On renewables, solar energy was highlighted as a major success story – growing from 800 megawatts to 5 gigawatts over five years – while wind energy remains negligible despite years of developer activity. The key obstacle identified was permitting, with streamlining the permit process described as an straightforward reform that could unlock substantial investment in renewable energy, improve energy security, reduce macroeconomic exposure to price shocks, and create high-quality jobs.
A tight labor market was flagged as one of Bulgaria’s most pressing structural challenges, with roughly 90% of businesses reporting labor scarcity. The concern goes beyond quantity – the skills gap was identified as equally problematic. The recommended response centered on education reform, from early childhood through vocational training, to ensure the workforce meets the needs of incoming investors. On the broader demographic picture, the panel noted that with a shrinking or stagnant population, productivity growth is the only sustainable path to economic expansion – making structural reforms not optional, but essential. The warning was clear: inaction does not mean standing still, it means falling behind, with Greece’s decline from 97% to 68% of the EU average cited as a cautionary example.