Bulgaria, a member of the European Union since 2007, has a population of approximately 7 million people. As of 2023, it boasts one of the EU's lowest GDP per capita, adjusted for purchasing power standards, reflecting disparities in economic development compared to other EU members. The country operates as a parliamentary democracy and has adopted the lev as its currency, with plans to transition to the euro. Bulgaria faces significant challenges in terms of income inequality and demographic decline, with one of the fastest-shrinking populations in the EU due to emigration and low birth rates.