No Significant Financial Effect for Bulgaria from Brexit

Brexit will not have a significant impact on the trade flows in Bulgaria, said Marinela Petrova, Deputy Minister of Finance, during a discussion on the consequences of the UK's release for Bulgaria.

"We do not expect a significant influence on the country's overall economic situation because the UK is an important trading partner of Bulgaria. Moreover, overall volumes in exports and imports are not so high to have a significant effect on the economy," Petrova said, adding that a long-term downward trend is expected by 2030 due to barriers to trade.

According to her, a decrease in the Bulgarian total exports to the EU can be seen, because of the negative influence of Brexit on major economies in the EU such as Germany, Italy, Greece, the Netherlands and others with whom the country has very developed and active trade relations. "We do not expect any major changes in the work field in the UK. Bulgarians are mainly engaged in low and medium-skilled labour, and I do not expect a substantial labour influx into Bulgaria on this line, either," said the Deputy Minister.

There are some risks for tourism because there may be visa restrictions or other restrictions on free movement of people, which would place Bulgaria in a less favourable position than non-EU countries. 

In the banking sector, no significant effect is expected, but rather a longer-term horizon effect through European regulations. After this programming period, a financial gap could be expected in the EU budget, which could be partly offset by an increase in the contributions of the states.

Vassil Asenov, Second Secretary (Social & Labour Affairs) at the Embassy of Bulgaria in the United Kingdom of Great Britain and Northern Ireland said that regarding all texts concerning citizens' rights, there is full agreement between the negotiating teams.

Petya Petrova

Petya Petrova is a journalist, believer, and traveler.

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