dc.contributor.author	World Bank
dc.date.accessioned	2023-06-16T18:29:06Z
dc.date.available	2023-06-16T18:29:06Z
dc.date.issued	2023-06-16
dc.description.abstract	The six countries of the Western Balkans have seen their resilience tested over the last three years. Growth in the Western Balkan economies started strong in early 2022, before moderating toward year-end, but the impact of major shocks, such as electricity and heating outages, has been less severe than expected. Inflation surged to a two-decade high in 2022 in almost all economies, and price pressures remain elevated in early 2023. Higher food and energy prices have affected low-income households especially severely, resulting in a much slower pace of poverty reduction in 2022 despite universal government support. In the medium term, the Western Balkans continues to have a positive outlook, but reforms are needed to rebuild buffers, accelerate the green transition, and to address key structural challenges. The ongoing energy crisis has highlighted the need to accelerate the green transition across Europe, including in the Western Balkans. A key starting point in this regard is to accelerate the move toward carbon pricing and to increase the use of environmental fiscal measures that incentivize households and firms to shift toward lower carbon intensity with respect to economic activity.	en
dc.identifier	http://documents.worldbank.org/curated/en/099042023104012719/P179478085f70601a0aac3035c4560691ca
dc.identifier.doi	10.1596/39890
dc.identifier.uri	https://openknowledge.worldbank.org/handle/10986/39890
dc.language	English
dc.language.iso	en_US
dc.publisher	Washington, DC: World Bank
dc.rights	CC BY-NC 3.0 IGO
dc.rights.holder	World Bank
dc.rights.uri	https://creativecommons.org/licenses/by-nc-nd/3.0/igo/
dc.subject	WESTERN BALKANS
dc.subject	INFLATION
dc.subject	FOOD AND ENERGY PRICES
dc.subject	ENERGY CRISIS
dc.subject	ENVIRONMENTAL FISCAL MEASURES
dc.title	Western Balkans Regular Economic Report No.23, Spring 2023	en
dc.title.subtitle	Testing Resilience	en
dc.type	Report
dspace.entity.type	Publication
okr.crossref.title	Western Balkans Regular Economic Report No.23, Spring 2023: Testing Resilience
okr.date.disclosure	2023-06-16
okr.date.lastmodified	2023-04-20T00:00:00Z	en
okr.doctype	Economic & Sector Work
okr.doctype	Economic & Sector Work::Economic Updates and Modeling
okr.docurl	http://documents.worldbank.org/curated/en/099042023104012719/P179478085f70601a0aac3035c4560691ca
okr.guid	099042023104012719
okr.identifier.docmid	P179478-85f706b1-1d33-4c1a-aac3-35c4560691ca
okr.identifier.doi	http://dx.doi.org/10.1596/39890
okr.identifier.externaldocumentum	34046117
okr.identifier.internaldocumentum	34046117
okr.identifier.report	181655
okr.import.id	887
okr.imported	true	en
okr.language.supported	en
okr.pdfurl	http://documents.worldbank.org/curated/en/099042023104012719/pdf/P179478085f70601a0aac3035c4560691ca.pdf	en
okr.region.administrative	Europe and Central Asia
okr.region.country	Albania
okr.region.country	Bosnia and Herzegovina
okr.region.country	Kosovo
okr.region.country	Montenegro
okr.region.country	North Macedonia (Formerly the Former Yugoslav Republic of Macedonia)
okr.region.country	Serbia
okr.sector	Other Public Administration
okr.topic	Macroeconomics and Economic Growth::Economic Growth
okr.topic	Macroeconomics and Economic Growth::Economic Forecasting
okr.topic	Energy::Energy Markets
okr.topic	Macroeconomics and Economic Growth::Inflation
okr.unit	EFI-ECA-MTI-MacroFiscal-2 (EECM2)

Publication: Western Balkans Regular Economic Report No.23, Spring 2023: Testing Resilience

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Western Balkans Regular Economic Report No.23, Spring 2023: Testing Resilience