Publication:
Western Balkans Regular Economic Report No.24, Fall 2023: Toward Sustainable Growth

Simple item page
dc.contributor.authorWorld Bank
dc.date.accessioned2023-10-19T12:31:38Z
dc.date.available2023-10-19T12:31:38Z
dc.date.issued2023-10-19
dc.description.abstractIn the context of weakening global demand, growth in the Western Balkans decelerated over the course of 2022 and into 2023. Against the background of the lasting effects of shocks from Russia’s invasion of Ukraine, sticky inflation, and tighter financial conditions, global demand has been weakening, and this has a divergent impact across the Western Balkans (WB6). On the one hand, the slowdown in global demand contributed to weaker-than expected performance of industrial production in the whole European Union (EU) region and in the WB6. On the other hand, global demand has proved more resilient in services and, for travel, with twice as many people traveling globally during Q1 2023 as in the same period in 2022 (UNWTO). This has particularly benefited Albania, Kosovo, and Montenegro, where services exports have reached new record highs. In contrast, weakening global demand for goods has weighed on Bosnia and Herzegovina (BiH), North Macedonia and Serbia. On the demand side, private consumption remained in general an important growth driver, despite rising price pressures. Reforms are needed to consolidate the recovery toward sustainable growth, while negotiations with the EU hold the potential to bolster prospects in the Western Balkans. As the WB6 agriculture sector is undergoing a major structural transformation, efforts to green agriculture are also important to ensure access to the EU market and for the competitiveness of agriculture, rural development, and food and nutrition security. Most WB6 countries have recently included agriculture greening in their development strategies. Historically, the environmental footprint of the WB6 agriculture sector has been relatively low. But this has been more an unintended outcome of still high rurality and low farming intensity rather than a result of public policy and expenditure choices. Agricultural public expenditures, while substantial in terms of amounts and adequate to influence agricultural production, have not yet prioritized financing of greening and climate-smart agriculture. It is important for the WB6 countries to accelerate greening of their agriculture by learning from the EU’s green transition and better utilization of the existing public funds available for agricultural development.en
dc.identifierhttp://documents.worldbank.org/curated/en/099101623051741490/P50064801939bc0a00a0d2077a3883b52c9
dc.identifier.doi10.1596/40496
dc.identifier.urihttps://openknowledge.worldbank.org/handle/10986/40496
dc.languageEnglish
dc.language.isoen_US
dc.publisherWashington, DC: World Bank
dc.rightsCC BY-NC 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttps://creativecommons.org/licenses/by-nc/3.0/igo
dc.subjectWESTERN BALKANS
dc.subjectLABOR MARKETS
dc.subjectLOW LABOR FORCE
dc.subjectGENDER GAPS
dc.subjectPOVERTY
dc.subjectFISCAL CONSOLIDATION
dc.subjectINFLATION
dc.subjectGREENING AGRICULTURE
dc.titleWestern Balkans Regular Economic Report No.24, Fall 2023en
dc.title.subtitleToward Sustainable Growthen
dc.typeReport
dspace.entity.typePublication
okr.crossref.titleWestern Balkans Regular Economic Report No.24, Fall 2023: Toward Sustainable Growth
okr.date.disclosure2023-10-19
okr.date.lastmodified2023-10-18T00:00:00Zen
okr.doctypeEconomic & Sector Work
okr.doctypeEconomic & Sector Work::Economic Updates and Modeling
okr.docurlhttp://documents.worldbank.org/curated/en/099101623051741490/P50064801939bc0a00a0d2077a3883b52c9
okr.guid099101623051741490
okr.identifier.docmidP500648-1939bcf0-d7f5-4ca0-a0d2-77a3883b52c9
okr.identifier.doihttp://dx.doi.org/10.1596/40496
okr.identifier.externaldocumentum34180670
okr.identifier.internaldocumentum34180670
okr.identifier.report185254
okr.import.id2080
okr.importedtrueen
okr.language.supporteden
okr.pdfurlhttp://documents.worldbank.org/curated/en/099101623051741490/pdf/P50064801939bc0a00a0d2077a3883b52c9.pdfen
okr.region.administrativeEurope and Central Asia
okr.region.countryAlbania
okr.region.countryBosnia and Herzegovina
okr.region.countryKosovo
okr.region.countryMontenegro
okr.region.countryNorth Macedonia
okr.region.countrySerbia
okr.topicMacroeconomics and Economic Growth::Economic Growth
okr.topicSocial Protections and Labor::Labor Markets
okr.topicGender::Gender and Development
okr.topicAgriculture::Climate Change and Agriculture
okr.unitEFI-ECA-MTI-MacroFiscal-2 (EECM2)
Files
Original bundle
Now showing 1 - 5 of 11
Thumbnail Image
Name:
P50064801939bc0a00a0d2077a3883b52c9.pdf
Size:
3.26 MB
Format:
Adobe Portable Document Format
Download
No Thumbnail Available
Name:
P50064801939bc0a00a0d2077a3883b52c9.txt
Size:
558.98 KB
Format:
Plain Text
Download
Thumbnail Image
Name:
P50064800834390170b57202c01795e1e0a.pdf
Size:
401.08 KB
Format:
Adobe Portable Document Format
Description:
Country Notes (English)
Download
No Thumbnail Available
Name:
Albania (Albanian).pdf
Size:
695.06 KB
Format:
Adobe Portable Document Format
Description:
Albania (Albanian)
Download
No Thumbnail Available
Name:
Bosnia and Herzegovina (Bosnian).pdf
Size:
693.15 KB
Format:
Adobe Portable Document Format
Description:
Bosnia and Herzegovina (Bosnian)
Download
License bundle
Now showing 1 - 1 of 1
No Thumbnail Available
Name:
license.txt
Size:
1.71 KB
Format:
Plain Text
Description:
Download
Collections
Economic Updates and Modeling
Albanian PDFs Available
Bosnian PDFs Available
Macedonian PDFs Available
Montenegrin PDFs Available
Serbian PDFs Available