LYCOS RETRIEVER 
Bulgaria: Addition
built 436 days ago
The territory of the Republic of Bulgaria subdivides into provinces and municipalities. In all, Bulgaria has 28 provinces, each headed by a provincial governor appointed by the government. In addition, there are 263 municipalities.
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As a result of a liberal financial policy and continuous economic growth, Bulgaria has become very attractive to foreign investments. In addition, local companies are ... increasing their share of business in Bulgaria and abroad.
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Bulgaria's economy contracted dramatically after 1989 with the collapse of the COMECON system and the loss of the Soviet market, to which the Bulgarian economy had been closely tied. The standard of living fell by about 40%. In addition, UN sanctions against Yugoslavia and Iraq took a heavy toll on the Bulgarian economy. The first signs of recovery emerged when GDP grew in 1994 for the first time since 1988, by 1.4% and then by 2.5% in 1995. Inflation, which surged in 1994 to 122%, fell to 32.9% in 1995. During 1996... the economy collapsed due to shortsighted economic reforms and an unstable and de-capitalized banking system.
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