Publication:
South East Europe Regular Economic Report No. 6 : Brittle recovery

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dc.contributor.authorWorld Bank
dc.date.accessioned2014-07-23T22:22:59Z
dc.date.available2014-07-23T22:22:59Z
dc.date.issued2014-05
dc.description.abstractThis report covers economic developments, prospects, and policies in six South Eastern European countries (SEE6): Albania, Bosnia and Herzegovina, Kosovo, FYR Macedonia, Montenegro, and Serbia. South East Europe (SEE6)'s economy recovered from the 2012 recession, growing by 2.2 percent on average in 2013. Each of the SEE6 countries marked positive growth rates in 2013, with growth at or exceeding 3 percent in Kosovo, FYR Macedonia and Montenegro. External demand for SEE6 exports, especially by the European Union (EU), was the key driver of the recovery. On the production side, SEE6 drivers of growth were mixed, but in all countries a good agricultural year supported economic activity. An export-led recovery combined with depressed domestic demand resulted in a significant narrowing of current account imbalances in all SEE6 countries. Foreign direct investment (FDI) and portfolio investment financed most of the current account deficits in SEE6. Overall, SEE6 countries are having limited success in translating the economic recovery into job creation. SEE6 countries reduced their fiscal deficits to 3.8 percent of GDP in 2013 from 4.3 percent of GDP in 2012. The pace of fiscal adjustment and still nascent economic growth were insufficient to reverse public debt dynamics in SEE6. In a low-inflation environment, SEE6 central banks moderately loosened monetary policy. The financial sector remained broadly stable, albeit fragile, in the course of 2013. The SEE region is projected to grow at 1.9 percent in 2014 and 2.6 percent in 2015 on the back of external demand. The positive growth since mid-2013 and the still accommodative monetary conditions of the Euro Area are likely to continue help SEE6 exports to grow, despite notable risks related to the outlook for the Euro Area (related to the slow reform implementation and prolonged period of low inflation or risk of deflation).en
dc.identifierhttp://documents.worldbank.org/curated/en/2014/05/19556556/brittle-recovery
dc.identifier.doi10.1596/19021
dc.identifier.urihttps://hdl.handle.net/10986/19021
dc.languageEnglish
dc.language.isoen_US
dc.publisherWashington, DC
dc.rightsCC BY 3.0 IGO
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectACCOUNTING
dc.subjectADVERSE IMPACT
dc.subjectAGRICULTURAL OUTPUT
dc.subjectAGRICULTURE
dc.subjectARREARS
dc.subjectASSET QUALITY
dc.subjectBALANCE SHEETS
dc.subjectBANK FOR INTERNATIONAL SETTLEMENTS
dc.subjectBANK OF GREECE
dc.subjectBANK PROFITABILITY
dc.subjectBANK RECAPITALIZATION
dc.subjectBANKING SECTOR
dc.subjectBANKING SYSTEM
dc.subjectBANKING SYSTEMS
dc.subjectBASIS POINTS
dc.subjectBILL
dc.subjectBROAD MONEY
dc.subjectCAPACITY CONSTRAINTS
dc.subjectCAPITAL ADEQUACY
dc.subjectCAPITAL ADEQUACY RATIOS
dc.subjectCAPITAL EXPENDITURES
dc.subjectCAPITAL FLOW
dc.subjectCAPITAL FLOWS
dc.subjectCAPITAL REQUIREMENTS
dc.subjectCDS
dc.subjectCENTRAL BANK
dc.subjectCENTRAL BANKS
dc.subjectCOMMODITY PRICES
dc.subjectCOMPETITIVENESS
dc.subjectCONSOLIDATION
dc.subjectCONSUMER CONFIDENCE
dc.subjectCONSUMER PURCHASING
dc.subjectCONSUMERS
dc.subjectCREDIT DEFAULT
dc.subjectCREDIT GROWTH
dc.subjectCREDIT RATING
dc.subjectCREDIT RATINGS
dc.subjectCREDITOR
dc.subjectCURRENCY
dc.subjectCURRENCY BOARD
dc.subjectCURRENCY BOARDS
dc.subjectCURRENCY MARKETS
dc.subjectCURRENCY MISMATCH
dc.subjectCURRENT ACCOUNT
dc.subjectCURRENT ACCOUNT BALANCE
dc.subjectCURRENT ACCOUNT DEFICIT
dc.subjectCURRENT ACCOUNT DEFICITS
dc.subjectCURRENT ACCOUNT IMBALANCES
dc.subjectDEBT
dc.subjectDEBT CRISES
dc.subjectDEBT LEVELS
dc.subjectDEBT RATINGS
dc.subjectDEBTS
dc.subjectDEFLATION
dc.subjectDEPOSIT
dc.subjectDEPOSITS
dc.subjectDEVELOPING COUNTRIES
dc.subjectDISINFLATION
dc.subjectDOMESTIC BOND
dc.subjectDOMESTIC BOND MARKETS
dc.subjectDOMESTIC CONSUMPTION
dc.subjectDOMESTIC CREDIT
dc.subjectDOMESTIC DEMAND
dc.subjectDOMESTIC DEMAND GROWTH
dc.subjectDOMESTIC INFLATION
dc.subjectDOWNWARD PRESSURE
dc.subjectECONOMIC ACTIVITY
dc.subjectECONOMIC CONDITIONS
dc.subjectECONOMIC DEVELOPMENT
dc.subjectECONOMIC DEVELOPMENTS
dc.subjectECONOMIC EXPANSION
dc.subjectECONOMIC GROWTH
dc.subjectECONOMIC PERFORMANCE
dc.subjectECONOMIC POLICIES
dc.subjectEMERGING ECONOMIES
dc.subjectEMERGING MARKET
dc.subjectEMERGING MARKET ECONOMIES
dc.subjectEMERGING MARKETS
dc.subjectENTREPRENEURSHIP
dc.subjectEQUIPMENT
dc.subjectEUROPEAN CENTRAL BANK
dc.subjectEXCHANGE RATE
dc.subjectEXCHANGE RATES
dc.subjectEXPENDITURE
dc.subjectEXPORT GROWTH
dc.subjectEXPORTERS
dc.subjectEXPORTS
dc.subjectEXTERNAL ASSETS
dc.subjectEXTERNAL DEBT
dc.subjectEXTERNAL DEMAND
dc.subjectFEDERAL RESERVE
dc.subjectFINANCIAL CRISES
dc.subjectFINANCIAL CRISIS
dc.subjectFINANCIAL FLOWS
dc.subjectFINANCIAL MARKET
dc.subjectFINANCIAL MARKETS
dc.subjectFINANCIAL SECTOR
dc.subjectFISCAL BALANCES
dc.subjectFISCAL DEFICIT
dc.subjectFISCAL DEFICITS
dc.subjectFLEXIBLE EXCHANGE RATES
dc.subjectFOOD PRICE
dc.subjectFOREIGN BANK
dc.subjectFOREIGN BANKS
dc.subjectFOREIGN CAPITAL
dc.subjectFOREIGN DIRECT INVESTMENT
dc.subjectFREE TRADE
dc.subjectGDP PER CAPITA
dc.subjectGLOBAL ECONOMY
dc.subjectGLOBAL INTEGRATION
dc.subjectGOLD
dc.subjectGOLD PRICES
dc.subjectGOVERNANCE STANDARDS
dc.subjectGOVERNMENT GUARANTEES
dc.subjectGROWTH POTENTIAL
dc.subjectGROWTH RATE
dc.subjectGROWTH RATES
dc.subjectHIGH-INCOME COUNTRIES
dc.subjectHOST COUNTRIES
dc.subjectHOUSEHOLD INCOME
dc.subjectHOUSING
dc.subjectHOUSING PRICES
dc.subjectHUMAN CAPITAL
dc.subjectILLIQUIDITY
dc.subjectIMPLICIT GUARANTEES
dc.subjectIMPORT
dc.subjectIMPORTS
dc.subjectINCOME
dc.subjectINCOME DIFFERENTIAL
dc.subjectINCOME DISTRIBUTION
dc.subjectINCOME GROWTH
dc.subjectINCOME INEQUALITY
dc.subjectINCOME LEVELS
dc.subjectINCOME TAXES
dc.subjectINFLATION
dc.subjectINFLATION ENVIRONMENT
dc.subjectINFLATION RATES
dc.subjectINFLATIONS
dc.subjectINSTITUTIONAL INVESTORS
dc.subjectINSTRUMENT
dc.subjectINTEREST RATES
dc.subjectINTERNATIONAL BANK
dc.subjectINTERNATIONAL FINANCIAL MARKETS
dc.subjectINTERNATIONAL TRADE
dc.subjectINVESTOR CONFIDENCE
dc.subjectLABOR COSTS
dc.subjectLABOR MARKET
dc.subjectLABOR MARKETS
dc.subjectLEGAL SYSTEMS
dc.subjectLENDERS
dc.subjectLIQUIDITY
dc.subjectLIQUIDITY RATIO
dc.subjectLIVING STANDARDS
dc.subjectLOAN
dc.subjectLOCAL BUSINESS
dc.subjectLOCAL CURRENCY
dc.subjectM2
dc.subjectMACROECONOMIC ENVIRONMENT
dc.subjectMACROECONOMIC POLICY
dc.subjectMARKET CONDITIONS
dc.subjectMATURITY
dc.subjectMINISTRIES OF FINANCE
dc.subjectMONETARY CONDITIONS
dc.subjectMONETARY POLICY
dc.subjectMONEY SUPPLY
dc.subjectNATIONAL BANKS
dc.subjectNOMINAL INCOME
dc.subjectNON-PERFORMING LOANS
dc.subjectNPL
dc.subjectOUTPUT GAPS
dc.subjectPEG
dc.subjectPENSION
dc.subjectPENSIONS
dc.subjectPORTFOLIO
dc.subjectPORTFOLIO INVESTMENT
dc.subjectPOVERTY REDUCTION
dc.subjectPRICE INCREASES
dc.subjectPRICE INFLATION
dc.subjectPRIVATE CONSUMPTION
dc.subjectPRODUCTIVITY
dc.subjectPRODUCTIVITY GROWTH
dc.subjectPROFITABILITY
dc.subjectPUBLIC DEBT
dc.subjectPUBLIC EXPENDITURES
dc.subjectPUBLIC POLICY
dc.subjectPUBLIC SECTOR DEBT
dc.subjectPUBLIC SPENDING
dc.subjectPURCHASING POWER
dc.subjectRATES OF RETURN
dc.subjectREAL GDP
dc.subjectRECESSION
dc.subjectREGIONAL BANKS
dc.subjectREGIONAL INFLATION
dc.subjectREGULATORY FORBEARANCE
dc.subjectREMITTANCES
dc.subjectRESERVE
dc.subjectRESERVE ASSETS
dc.subjectRESERVE REQUIREMENT
dc.subjectRESERVE REQUIREMENTS
dc.subjectRETURN
dc.subjectRETURN ON ASSETS
dc.subjectREVENUE SOURCES
dc.subjectRISK AVERSION
dc.subjectRULE OF LAW
dc.subjectSOVEREIGN DEBT
dc.subjectSPARE CAPACITY
dc.subjectSTOCK MARKETS
dc.subjectSTOCKS
dc.subjectSTRUCTURAL RIGIDITIES
dc.subjectSUBSIDIARIES
dc.subjectSUBSIDIARY
dc.subjectSUPERVISORY AUTHORITIES
dc.subjectSWAPS
dc.subjectTAX
dc.subjectTAX COLLECTIONS
dc.subjectTAX HIKE
dc.subjectTAX INCREASE
dc.subjectTAX POLICY
dc.subjectTAX RATES
dc.subjectTAX REVENUES
dc.subjectTOTAL REVENUE
dc.subjectTRADE BALANCE
dc.subjectTRADE BARRIERS
dc.subjectTRADE DEFICIT
dc.subjectTRADE DEFICITS
dc.subjectTRADE FLOWS
dc.subjectTRANSPORT
dc.subjectTREASURY
dc.subjectTREASURY YIELDS
dc.subjectUNEMPLOYMENT
dc.subjectUNEMPLOYMENT RATE
dc.subjectUNEMPLOYMENT RATES
dc.subjectWAGES
dc.subjectWEALTH
dc.titleSouth East Europe Regular Economic Report No. 6 : Brittle recoveryen
dspace.entity.typePublication
okr.date.disclosure2014-05-23
okr.date.doiregistration2025-05-07T11:31:38.034389Z
okr.doctypeEconomic & Sector Work::Economic Updates and Modeling
okr.docurlhttp://documents.worldbank.org/curated/en/2014/05/19556556/brittle-recovery
okr.globalpracticeMacroeconomics and Fiscal Management
okr.globalpracticeFinance and Markets
okr.guid144481468101065150
okr.guid738101468299120672
okr.identifier.externaldocumentum000456286_20140523093229
okr.identifier.internaldocumentum19556556
okr.identifier.report87962
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2014/05/23/000456286_20140523093229/Rendered/PDF/879620NWP0P1470R60WEB0V20Box385214B.pdfen
okr.region.administrativeEurope and Central Asia
okr.region.geographicalEastern Europe
okr.sectorPublic Administration, Law, and Justice :: Central government administration
okr.sectorPublic Administration, Law, and Justice :: Public administration- Finance
okr.sectorPublic Administration, Law, and Justice :: General public administration sector
okr.sectorFinance :: Banking
okr.sectorFinance :: Capital markets
okr.sectorIndustry and trade
okr.themeEconomic management :: Analysis of economic growth
okr.themeEconomic management :: Debt management and fiscal sustainability
okr.themeEconomic management :: Macroeconomic management
okr.themeTrade and integration :: Export development and competitiveness
okr.themeSocial dev/gender/inclusion
okr.topicFinance and Financial Sector Development::Access to Finance
okr.topicBanks and Banking Reform
okr.topicEconomic Theory and Research
okr.topicFinance and Financial Sector Development::Debt Markets
okr.topicFinance and Financial Sector Development::Currencies and Exchange Rates
okr.topicMacroeconomics and Economic Growth
okr.unitMacroeconomics 2 (ECSP2)
okr.volume1 of 1
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