Is Bulgaria classed as a MEDC LEDC or a LEDC?

Answer 1

Bulgaria is classed as a MEDC LEDC, as it's economy is fairly stable compared to most in the Euro-zone. However, it is the poorest country in the Euro-zone, and has the lowest wages per person in Europe (£140 per-month average wage).

Answer 2

Bulgaria is classified as a country in transition, moving from a lower-middle-income economy towards a higher-income economy. It is typically considered a middle-income country by international organizations like the World Bank. While it has made significant progress in economic development since the fall of communism, Bulgaria still faces challenges such as high levels of corruption, income inequality, and an underdeveloped infrastructure compared to more advanced economies.