South East Europe Six : From Double-Dip Recession to Accelerated Reforms
This note discusses the external environment, economic outlook, and key policy challenges for the six South East European Countries (SEE6)-Albania, Bosnia and Herzegovina (BIH), Kosovo, the former Yugoslav Republic (FYR) of Macedonia, Montenegro, a...
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| Format: | Brief |
| Language: | English en_US |
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Washington, DC
2014
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| Online Access: | http://documents.worldbank.org/curated/en/2013/01/17193906/south-east-europe-six-double-dip-recession-accelerated-reforms http://hdl.handle.net/10986/17047 |
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okr-10986-170472021-04-23T14:03:33Z South East Europe Six : From Double-Dip Recession to Accelerated Reforms World Bank ARREARS BANK LOAN BANK POLICY BANKING SYSTEMS BUSINESS ENVIRONMENT BUSINESS PRACTICES BUSINESS REGULATIONS CENTRAL BANKS COMMODITY COMMODITY PRICES CREDIT GROWTH DEBT DEPOSIT DEVELOPING COUNTRIES ECONOMIC ACTIVITY ECONOMIC DOWNTURN ECONOMIC GROWTH ECONOMIC RECOVERY ENFORCEMENT OF CONTRACTS EXTERNAL FINANCING FINANCIAL MARKETS FINANCIAL SECTOR FINANCIAL SECTORS FISCAL CONSOLIDATION FISCAL DEFICITS FOOD PRICE FOOD PRICES FOREIGN INVESTMENT FOREIGN INVESTMENTS FOREIGN INVESTORS FOREIGN TRADE GLOBAL ECONOMIC PROSPECTS GLOBAL GROSS DOMESTIC PRODUCT GROSS DOMESTIC PRODUCT HIGH UNEMPLOYMENT INCOME INSTRUMENT INTERNATIONAL FINANCIAL INSTITUTIONS INVESTMENT BANK INVESTMENT CLIMATE INVESTMENT CLIMATES INVESTMENT RATES JOB CREATION JOBS LABOR EFFICIENCY LABOR FORCE LABOR LEGISLATION LABOR MARKET LABOR MARKET PERFORMANCE LABOR MARKET REGULATION LABOR MARKETS LABOR REGULATIONS LEGAL ENVIRONMENT LOAN LOAN QUALITY LONG-TERM UNEMPLOYMENT MARKET DISTORTIONS NONPERFORMING LOANS OUTPUT PRIVATE SECTOR PRIVATIZATIONS PUBLIC DEBT REGULATORY ENVIRONMENT REMITTANCE RISING UNEMPLOYMENT STOCKS TAX TAX TREATMENT UNEMPLOYMENT UNEMPLOYMENT RATE UNEMPLOYMENT RATES WAGE DETERMINATION WHOLESALE FUNDING WORKERS WORLD DEVELOPMENT INDICATORS This note discusses the external environment, economic outlook, and key policy challenges for the six South East European Countries (SEE6)-Albania, Bosnia and Herzegovina (BIH), Kosovo, the former Yugoslav Republic (FYR) of Macedonia, Montenegro, and Serbia-as they seek to reignite economic recovery. After two years of fragile recovery from the global recession, as a group, SEE6 countries experienced a double-dip recession in 2012. Deteriorating external conditions, the impact of the severe winter on economic activity, and a continuing rise in unemployment early in the year took a toll on consumption, investments, and exports. The rise in unemployment continues to threaten the social fabric. Credit recovery and fiscal consolidation are under threat. Nonperforming loans (NPLs)-thought to be stabilizing only a few months ago-are again on the rise. As a result, both within and outside the region, the environment has become much more difficult to navigate, and the policy trade-offs necessary to stabilize economies and reignite growth have become more difficult to make. To overcome these challenges, SEE6 countries need more intensive policy reform to reduce public debt and accelerate structural reforms, especially in fiscal consolidation and the financial sector, labor markets, and business environment. Additional external financing from International Financial Institutions (IFIs) for growth and jobs could prove effective, but only if accompanied by intensified fiscal and structural reforms. 2014-02-12T19:59:40Z 2014-02-12T19:59:40Z 2013-01 http://documents.worldbank.org/curated/en/2013/01/17193906/south-east-europe-six-double-dip-recession-accelerated-reforms http://hdl.handle.net/10986/17047 English en_US Economic premise;no. 103 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ Washington, DC Publications & Research :: Brief Publications & Research Europe and Central Asia Eastern Europe |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
ARREARS BANK LOAN BANK POLICY BANKING SYSTEMS BUSINESS ENVIRONMENT BUSINESS PRACTICES BUSINESS REGULATIONS CENTRAL BANKS COMMODITY COMMODITY PRICES CREDIT GROWTH DEBT DEPOSIT DEVELOPING COUNTRIES ECONOMIC ACTIVITY ECONOMIC DOWNTURN ECONOMIC GROWTH ECONOMIC RECOVERY ENFORCEMENT OF CONTRACTS EXTERNAL FINANCING FINANCIAL MARKETS FINANCIAL SECTOR FINANCIAL SECTORS FISCAL CONSOLIDATION FISCAL DEFICITS FOOD PRICE FOOD PRICES FOREIGN INVESTMENT FOREIGN INVESTMENTS FOREIGN INVESTORS FOREIGN TRADE GLOBAL ECONOMIC PROSPECTS GLOBAL GROSS DOMESTIC PRODUCT GROSS DOMESTIC PRODUCT HIGH UNEMPLOYMENT INCOME INSTRUMENT INTERNATIONAL FINANCIAL INSTITUTIONS INVESTMENT BANK INVESTMENT CLIMATE INVESTMENT CLIMATES INVESTMENT RATES JOB CREATION JOBS LABOR EFFICIENCY LABOR FORCE LABOR LEGISLATION LABOR MARKET LABOR MARKET PERFORMANCE LABOR MARKET REGULATION LABOR MARKETS LABOR REGULATIONS LEGAL ENVIRONMENT LOAN LOAN QUALITY LONG-TERM UNEMPLOYMENT MARKET DISTORTIONS NONPERFORMING LOANS OUTPUT PRIVATE SECTOR PRIVATIZATIONS PUBLIC DEBT REGULATORY ENVIRONMENT REMITTANCE RISING UNEMPLOYMENT STOCKS TAX TAX TREATMENT UNEMPLOYMENT UNEMPLOYMENT RATE UNEMPLOYMENT RATES WAGE DETERMINATION WHOLESALE FUNDING WORKERS WORLD DEVELOPMENT INDICATORS |
| spellingShingle |
ARREARS BANK LOAN BANK POLICY BANKING SYSTEMS BUSINESS ENVIRONMENT BUSINESS PRACTICES BUSINESS REGULATIONS CENTRAL BANKS COMMODITY COMMODITY PRICES CREDIT GROWTH DEBT DEPOSIT DEVELOPING COUNTRIES ECONOMIC ACTIVITY ECONOMIC DOWNTURN ECONOMIC GROWTH ECONOMIC RECOVERY ENFORCEMENT OF CONTRACTS EXTERNAL FINANCING FINANCIAL MARKETS FINANCIAL SECTOR FINANCIAL SECTORS FISCAL CONSOLIDATION FISCAL DEFICITS FOOD PRICE FOOD PRICES FOREIGN INVESTMENT FOREIGN INVESTMENTS FOREIGN INVESTORS FOREIGN TRADE GLOBAL ECONOMIC PROSPECTS GLOBAL GROSS DOMESTIC PRODUCT GROSS DOMESTIC PRODUCT HIGH UNEMPLOYMENT INCOME INSTRUMENT INTERNATIONAL FINANCIAL INSTITUTIONS INVESTMENT BANK INVESTMENT CLIMATE INVESTMENT CLIMATES INVESTMENT RATES JOB CREATION JOBS LABOR EFFICIENCY LABOR FORCE LABOR LEGISLATION LABOR MARKET LABOR MARKET PERFORMANCE LABOR MARKET REGULATION LABOR MARKETS LABOR REGULATIONS LEGAL ENVIRONMENT LOAN LOAN QUALITY LONG-TERM UNEMPLOYMENT MARKET DISTORTIONS NONPERFORMING LOANS OUTPUT PRIVATE SECTOR PRIVATIZATIONS PUBLIC DEBT REGULATORY ENVIRONMENT REMITTANCE RISING UNEMPLOYMENT STOCKS TAX TAX TREATMENT UNEMPLOYMENT UNEMPLOYMENT RATE UNEMPLOYMENT RATES WAGE DETERMINATION WHOLESALE FUNDING WORKERS WORLD DEVELOPMENT INDICATORS World Bank South East Europe Six : From Double-Dip Recession to Accelerated Reforms |
| geographic_facet |
Europe and Central Asia Eastern Europe |
| relation |
Economic premise;no. 103 |
| description |
This note discusses the external
environment, economic outlook, and key policy challenges for
the six South East European Countries (SEE6)-Albania, Bosnia
and Herzegovina (BIH), Kosovo, the former Yugoslav Republic
(FYR) of Macedonia, Montenegro, and Serbia-as they seek to
reignite economic recovery. After two years of fragile
recovery from the global recession, as a group, SEE6
countries experienced a double-dip recession in 2012.
Deteriorating external conditions, the impact of the severe
winter on economic activity, and a continuing rise in
unemployment early in the year took a toll on consumption,
investments, and exports. The rise in unemployment continues
to threaten the social fabric. Credit recovery and fiscal
consolidation are under threat. Nonperforming loans
(NPLs)-thought to be stabilizing only a few months ago-are
again on the rise. As a result, both within and outside the
region, the environment has become much more difficult to
navigate, and the policy trade-offs necessary to stabilize
economies and reignite growth have become more difficult to
make. To overcome these challenges, SEE6 countries need more
intensive policy reform to reduce public debt and accelerate
structural reforms, especially in fiscal consolidation and
the financial sector, labor markets, and business
environment. Additional external financing from
International Financial Institutions (IFIs) for growth and
jobs could prove effective, but only if accompanied by
intensified fiscal and structural reforms. |
| format |
Publications & Research :: Brief |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
South East Europe Six : From Double-Dip Recession to Accelerated Reforms |
| title_short |
South East Europe Six : From Double-Dip Recession to Accelerated Reforms |
| title_full |
South East Europe Six : From Double-Dip Recession to Accelerated Reforms |
| title_fullStr |
South East Europe Six : From Double-Dip Recession to Accelerated Reforms |
| title_full_unstemmed |
South East Europe Six : From Double-Dip Recession to Accelerated Reforms |
| title_sort |
south east europe six : from double-dip recession to accelerated reforms |
| publisher |
Washington, DC |
| publishDate |
2014 |
| url |
http://documents.worldbank.org/curated/en/2013/01/17193906/south-east-europe-six-double-dip-recession-accelerated-reforms http://hdl.handle.net/10986/17047 |
| _version_ |
1764435245847805952 |