Population decline threatens Bulgaria's economy: report

Bulgaria's declining population over recent decades has severely impacted the country's economic development, according to a report published by the Bulgarian Council for Economic Analyses, reported Xinhua.

The report, presented on Friday, noted that demographic indicators continue to show negative trends. Fertility rates remain below replacement level, with an average life expectancy of 74.2 years, compared to the EU average of 80.6 years.

Population decline in Bulgaria has been driven by negative natural growth and net migration, particularly between 2012 and 2019. Since 2010, demographic pressures have significantly affected the working-age population, the report showed.

The economic impact of these demographic trends has been significant. Since 2009, demographic factors have contributed to an average negative effect of around 0.9 percentage points per year on gross national product.

The report calls for a long-term strategy to address these ongoing demographic challenges, which are expected to intensify after 2035 due to an aging population.

According to Bulgaria's National Statistical Institute, the country's population stood at 6.52 million in 2021, compared to 8.949 million in 1985 and 7.365 million in 2011.