After the fall of communism, Bulgaria suffered through some tough years, particularly during a period of instability and hyper-inflation in 1996-97. But in the early 21st century, the Bulgarian economy is growing briskly as the country targets membership in the European Union in 2007. To support that effort, the government has enacted economic reforms and tightened monetary policy. Currently, the Bulgarian currency, the lev, is pegged to the Euro.
Buoyed by this recent stability and reform, the Bulgarian economy has averaged 4% growth since 2000, driven in part by increased foreign direct investment. However, corruption, organized crime, and a limited legal system remain problems.
Although the Global Entrepreneurship Monitor has not survey Bulgaria in its reports, the country may be projected to have a Total Entrepreneurial Activity (TEA) rate somewhere in the bounds of cultural and geographic neighbors, such as Hungary (4.3%), Greece (5.8%), and Croatia (3.7%).
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