Projections Show 9.3% Salary Rise for Bulgarian Workers in 2024

The Ministry of Finance anticipates a 9.3% increase in wages for Bulgarian businesses this year, as outlined in the latest Convergent Program of Bulgaria. This projected wage growth is slightly lower than the previous year's due to a decline in inflation rates. Nonetheless, employees can still expect a notable rise in their salaries, primarily attributed to challenges in recruiting staff within the business sector and the implementation of higher minimum wage standards.

Despite anticipated economic growth, employment rates are forecasted to increase by only 0.5% in 2024. This modest rise is attributed to adverse demographic trends and limited avenues for expanding the labor pool. Future employment growth is expected to predominantly stem from the entry of previously inactive individuals into the labor market and the recruitment of foreign workers.

Inflation is projected to reach 2.3% in 2024, gradually decreasing to 1.8% by 2027 according to the forecasts provided.