Analysis of the General Economic Situation, Opportunities, and Challenges of Enterprises from the Textiles and Clothing Sector in Bulgaria

Authors:

Pages: 118-126

Abstract:

The Textile and Clothing sector is essential for the Bulgarian economy, as it includes three subsectors: clothing, textiles, and knitwear. As one of the oldest industrial branches in Europe and the world, the sector impacts the development of others – energy, mechanical engineering, mechanics, etc. Despite globalization and the need for significant changes in production, the industry remains substantial for the economy. The development potential of the entire industry is based on the increasing population worldwide, on the growing demand for textiles and knitwear, and on the emergence of new distribution channels and sustainable technologies. Regardless of the changes caused by the COVID-19 pandemic and the increased prices of energy and raw materials, most enterprises report a significant increase in sales over the last five years. This paper analyzes the general situation and prospects for developing Bulgaria’s Textile and Clothing sector. The purpose of this macroeconomic analysis is to pave the way for further research related to the analyses of empirical data and to the application of models for the optimization of financial management in specific enterprises of the sector.

Keywords:

economic development; textiles and knitwear; financial management.

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