Key View

• Access to adequate doses of Covid-19 vaccines remains unclear for Bulgaria.
• The country offers Covid-19 vaccines to the entire population,regardless of priority status to boost vaccination rate.
• Prolonged political instability further risks smooth vaccine rollout.

Access to adequate doses of Covid-19 vaccines remains unclear for

Key View

• New reforms signal a digital transformation of Bulgaria’s healthcare sector.

• Digital health strategies will offer growing commercial opportunities for pharmaceutical firms.

• Bulgaria’s accelerating digital transformation plans are expected to face headwinds.

Bulgaria introduces new national legislation regulating the

Key View

• Bulgaria's medical device market performance will be impacted in the short term by economic recession resulting from the Covid-19 pandemic.
• The market will remain largely reliant on imports that are primarily sourced from other EU member states.
• A Covid-19-induced recession will curb government revenues and place upward pressure on

Key View

• The economic impact of Covid-19 is weighing on the Bulgarian consumer, with growth in household disposable incomes projected to slow over 2020-2024 compared to the pre-Covid-19 period (2015-2019).
• As a result, we believe consumers will become increasingly price sensitive stretching into the medium term (out to 2024). In this price

Key View

• New reforms will increase Bulgaria’s healthcare expenditure over the coming years.

• Bulgaria's pharmaceutical market will benefit from an increasing healthcare budget.

• An improving macroeconomic environment will further boost private consumption in 2021.

New reforms will increase Bulgaria's healthcare expenditure over

Key View

• The lockdown and social distancing measures will weigh heavily on economic activity in Bulgaria, especially on private consumption.
• Government measures to support the labour market and pandemic-hit companies will not be enough to boost private consumption and fixed investment.
• As the number of new cases continues to increase, at

Key View

• The Bulgarian IT market will shrink by 6% in 2020 owing to the impact of Covid-19 on sales channels and economic uncertainty that will weigh on the business market.
• The IT hardware segment will be hit hardest as enterprises reduce spending on servers as they increasingly turn to third-party cloud providers and as some businesses are

Key View

• We at Fitch Solutions are now expecting a current account surplus of 8.6% of GDP in 2019 from 4.1% previously, following a larger-than anticipated increase in surplus in Q119-Q319.
• We have also revised upwards our forecasts for the current account balance in 2020 and 2021 to 6.9% of GDP and 5.6% respectively, from 3.5% and 3.3%

Key View

• We believe that vehicle sales in Bulgaria will remain relatively flat in 2020, as its economic resilience starts to fade and as consumers remain largely satisfied.
• Bulgaria's continued economic growth expected in 2020, albeit slowing, and our bullish outlook for its consumer market will fail to feed into higher vehicle demand