Federal Republic of Yugoslavia - Breaking with the Past : The Path to Stability and Growth
The study focuses on the renewed transition to democracy, and a market economy in the Federal Republic of Yugoslavia (FRY), within the context of extremely difficult economic, and social conditions: poor macroeconomic outcomes, with sharp drops in...
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| Language: | English en_US |
| Published: |
Washington, DC
2013
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| Online Access: | http://documents.worldbank.org/curated/en/2001/07/1490069/yugoslavia-federal-republic-breaking-past-path-stability-growth http://hdl.handle.net/10986/15720 |
| Summary: | The study focuses on the renewed
transition to democracy, and a market economy in the Federal
Republic of Yugoslavia (FRY), within the context of
extremely difficult economic, and social conditions: poor
macroeconomic outcomes, with sharp drops in output, and
trade, and, very high inflation; severe enterprise,
financial, and infrastructure deterioration; and, worsened
social indicators, showing increased poverty levels.
Although the Federal authorities implemented reforms in
foreign trade policy, initiated customs administration
reforms, and developed a plan for bank restructuring, these
early successes were still on the path of difficult reforms,
and institutional strengthening. The Federal, and Republican
Governments, will require the adoption of transition
reforms, and investment priorities to meet three
inter-dependent challenges: restoring macroeconomic
stability, and external balance; stimulating growth, and
creating the basis for a sustainable supply response; and,
improving the social well-being of the most vulnerable, and
building human capacity. The successful implementation of
the reform program, institutional strengthening, and
investments, will further require donor support, external
debt reduction, financial support, and technical assistance,
to restore economic growth, through fiscal adjustment, and a
comprehensive debt restructuring. The study provides
financing estimates for the period 2001-05 for structural
adjustment, fast disbursing balance of payments, and
budgetary support. |
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