{"id":23424,"date":"2020-04-03T01:11:26","date_gmt":"2020-04-02T22:11:26","guid":{"rendered":"https:\/\/investsofia.com\/en\/?p=23424"},"modified":"2020-04-03T22:02:04","modified_gmt":"2020-04-03T19:02:04","slug":"assessment-report-impact-covid-19-sofias-economy","status":"publish","type":"post","link":"https:\/\/investsofia.com\/en\/assessment-report-impact-covid-19-sofias-economy\/","title":{"rendered":"Assessment Report on the Impact of COVID-19 on Sofia\u2019s Economy"},"content":{"rendered":"<div id=\"modal-ready\"><p><a href=\"https:\/\/investsofia.com\/wp-content\/uploads\/2020\/03\/Impact-COVID-19-Sofia-English.pdf\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\"><img loading=\"lazy\" class=\"alignnone size-full wp-image-23286\" src=\"https:\/\/investsofia.com\/wp-content\/uploads\/2016\/04\/banner-Sofia-Covid19-report-964-168-ENG-02.png\" alt=\"\" width=\"965\" height=\"168\" srcset=\"https:\/\/investsofia.com\/wp-content\/uploads\/2016\/04\/banner-Sofia-Covid19-report-964-168-ENG-02.png 965w, https:\/\/investsofia.com\/wp-content\/uploads\/2016\/04\/banner-Sofia-Covid19-report-964-168-ENG-02-300x52.png 300w, https:\/\/investsofia.com\/wp-content\/uploads\/2016\/04\/banner-Sofia-Covid19-report-964-168-ENG-02-768x134.png 768w, https:\/\/investsofia.com\/wp-content\/uploads\/2016\/04\/banner-Sofia-Covid19-report-964-168-ENG-02-600x104.png 600w, https:\/\/investsofia.com\/wp-content\/uploads\/2016\/04\/banner-Sofia-Covid19-report-964-168-ENG-02-260x45.png 260w, https:\/\/investsofia.com\/wp-content\/uploads\/2016\/04\/banner-Sofia-Covid19-report-964-168-ENG-02-50x9.png 50w, https:\/\/investsofia.com\/wp-content\/uploads\/2016\/04\/banner-Sofia-Covid19-report-964-168-ENG-02-150x26.png 150w, https:\/\/investsofia.com\/wp-content\/uploads\/2016\/04\/banner-Sofia-Covid19-report-964-168-ENG-02-960x168.png 960w\" sizes=\"(max-width: 965px) 100vw, 965px\" \/><\/span><\/a><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">In cooperation with the team of Innovative Sofia, we developed the first <\/span><i><span style=\"font-weight: 400;\">Assessment report on the impact of COVID-19 on Sofia\u2019s economy<\/span><\/i><span style=\"font-weight: 400;\">.\u00a0 There you can read about:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">&#8211; The three scenarios for the development of the economy<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">&#8211; The impact by sectors at international and European level<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">&#8211; The impact on the development of Sofia\u2019s economy<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">It is reasonable to expect that Sofia\u2019s GDP will shrink by 1-3% in 2020 \u0433., but there are more catastrophic scenarios, too. The effect of a potential economic recession will be very similar to the situation in Europe. This is true especially for Sofia, whose economy is linked to the EU\u2019s economy to a higher degree. However, recessions in the past were followed by a rapid recovery as a result of the return to normal economic life.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Sofia has the best labor market in Bulgaria with an unemployment rate of under 2% and employment of nearly 80% of the population in active age by the end of 2019. The capital has a relatively big potential to respond to the unemployment caused as a result of the crisis.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Most affected will be those employed in the tourism and travel sector, over 35 000 people, culture and sport \u2013 10 000 people. Moderately affected will be the employees in the industrial sector. The least affected will be the employees in the utilities, ICT, professional activities, where the impact is softer because of the opportunity for remote work.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">You can find more in the <a href=\"https:\/\/investsofia.com\/wp-content\/uploads\/2020\/03\/Impact-COVID-19-Sofia-English.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">full report<\/a>.<\/span><\/p>\n<p><i><span style=\"font-weight: 400;\">The Assessment Report on the impact of COVID-19 on Sofia\u2019s economy was developed by the Digitalisation, Innovation and Economic Development Department of Sofia Municipality (Innovative Sofia) and the Sofia Municipal Privatisation and Investment Agency (Invest Sofia) with the support of the Institute for Market Economics (IME), Sofia Tourism Administration, the Bulgarian Convention Bureau, Automotive Cluster Bulgaria, the Bulgarian E-Commerce Association, the Culture Directorate of Sofia Municipality, the Association for Innovation, Business Excellence, Services and Technology (AIBEST) and representatives of the business ecosystem in the city.<\/span><\/i><\/p>\n<p>&nbsp;<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>&nbsp; In cooperation with the team of Innovative Sofia, we developed the first Assessment report on the impact of COVID-19 [&hellip;]<\/p>\n","protected":false},"author":9,"featured_media":23333,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.14 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Assessment Report on the Impact of COVID-19 on Sofia\u2019s Economy | Sofia Investment Agency<\/title>\n<meta name=\"description\" content=\"&nbsp; In cooperation with the team of Innovative Sofia, we developed the first Assessment report on the impact of COVID-19 on Sofia\u2019s economy.\u00a0 There you\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/investsofia.com\/en\/assessment-report-impact-covid-19-sofias-economy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Assessment Report on the Impact of COVID-19 on Sofia\u2019s Economy | Sofia Investment Agency\" \/>\n<meta property=\"og:description\" content=\"&nbsp; 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