COVID-19 casts shade over Bulgaria’s economy Bulgaria: pandemic late payments cloud 2021 outlook The economic growth that Bulgaria had been enjoying last year stalled with the onset of the COVID-19 induced recession. Ongoing economic challenges are causing stress for Bulgaria-based businesses. Introduction
The results of this year’s Payment Practices Barometer survey paint an interesting picture, with businesses taking proactive steps to promote trade while working to protect themselves from the threat of non-payment of invoices. For example more businesses in the country offered B2B credit after the pandemic than before. Survey respondents told us that this was chiefly to stimulate sales.
In addition to the growth in B2B credit, is a corresponding increase in the use of credit management techniques and tools. These are clearly working to a degree as businesses in Bulgaria reported a much lower percentage of overdue invoices than the regional average. However, a significant proportion of businesses in Bulgaria have been negatively impacted by the pandemic-induced economic crisis.
Key takeaways from the report
Pandemic recession hits Bulgaria revenue and sales harder than rest of region
Bulgaria sees big increase in use of trade credit and overdue invoices
Cash payments still favoured by majority
Hiring freezes enacted by more businesses in Bulgaria than rest of region
Bulgaria leads region for amount of businesses worried about 2021 economy
Interested in getting to know more?
For a complete overview of the corporate payment behaviour in Bulgaria during the COVID-19 pandemic and global recession, please download the complete report. The report gives also insight into the impact of the pandemic-induced economic crisis on the following industries in the country:
Agri-food
Chemicals
Consumer durables
Steel-metals
Transport
Download the full report
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