Publication:
Western Balkans Regular Economic Report, No. 16, Fall 2019: Rising Uncertainties

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dc.contributor.authorWorld Bank
dc.date.accessioned2019-10-16T16:09:33Z
dc.date.available2019-10-16T16:09:33Z
dc.date.issued2019-10-01
dc.description.abstractImproving the efficiency and equity of public spending and strengthening revenue mobilization remains a priority in all Western Balkan countries. Public sector wage bills and pensions constitute the largest share of public spending in the region. Tighter controls on wage bills, reducing tax expenditures, and better targeting of social benefits would open space for more public investment, improve equity, and enable the build-up of fiscal buffers to mitigate rising risks. As outlined in this report, fiscal rules can help anchor spending and fiscal sustainability. However, their credibility in the region needs to be restored after they have been repeatedly breached in some countries. Fiscal management reforms are needed as a part of broader structural reforms that help increase the region's export competitiveness. This includes strengthening state institutions that protect the rule of law and private sector competition to unleash productivity growth and innovation by enabling a level playing field between firms. Together, these reforms would help unlock stronger, more equitable, and more sustainable growth, ensuring faster convergence with EU income levels. A strong commitment to sound macro-fiscal policy and structural reforms was always important—rising uncertainties have made it an imperative.en
dc.identifierhttp://documents.worldbank.org/curated/en/643781570478210132/Rising-Uncertainties
dc.identifier.doi10.1596/32532
dc.identifier.urihttps://hdl.handle.net/10986/32532
dc.languageEnglish
dc.publisherWorld Bank, Washington, DC
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo
dc.subjectECONOMIC GROWTH
dc.subjectECONOMIC OUTLOOK
dc.subjectEXPORTS
dc.subjectEMPLOYMENT
dc.subjectPUBLIC FINANCE
dc.subjectFISCAL TRENDS
dc.subjectACCESS TO FINANCE
dc.subjectRISKS
dc.subjectEUROBONDS
dc.subjectFOREIGN DIRECT INVESTMENT
dc.subjectPUBLIC EXPENDITURE
dc.subjectMONETARY POLICY
dc.subjectINFLATION
dc.titleWestern Balkans Regular Economic Report, No. 16, Fall 2019en
dc.title.subtitleRising Uncertaintiesen
dc.typeReporten
dc.typeRapportfr
dc.typeInformees
dspace.entity.typePublication
okr.crossref.titleWestern Balkans Regular Economic Report, No. 16, Fall 2019
okr.date.disclosure2019-10-08
okr.doctypeEconomic & Sector Work::Economic Updates and Modeling
okr.doctypeEconomic & Sector Work
okr.docurlhttp://documents.worldbank.org/curated/en/643781570478210132/Rising-Uncertainties
okr.guid643781570478210132
okr.identifier.doi10.1596/32532
okr.identifier.externaldocumentum090224b0872194fd_4_0
okr.identifier.internaldocumentum31462027
okr.identifier.report142424
okr.importedtrueen
okr.language.supporteden
okr.pdfurlhttp://documents.worldbank.org/curated/en/643781570478210132/pdf/Rising-Uncertainties.pdfen
okr.region.administrativeEurope and Central Asia
okr.region.countryAlbania
okr.region.countryBosnia and Herzegovina
okr.region.countryKosovo
okr.region.countryNorth Macedonia (Formerly the Former Yugoslav Republic of Macedonia)
okr.region.countryMontenegro
okr.region.countrySerbia
okr.region.geographicalEastern Europe
okr.topicPublic Sector Development::Public Financial Management
okr.topicPublic Sector Development::Public Sector Expenditure Policy
okr.topicMacroeconomics and Economic Growth::Economic Growth
okr.topicMacroeconomics and Economic Growth::Fiscal & Monetary Policy
okr.topicPoverty Reduction::Employment and Shared Growth
okr.unitEFI-ECA-MTI-MacroFiscal-2 (EECM2)
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