Publication:
South East Europe Regular Economic Report, No. 5 : Slow Road to Recovery

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dc.contributor.authorWorld Bank
dc.date.accessioned2014-02-11T23:16:06Z
dc.date.available2014-02-11T23:16:06Z
dc.date.issued2013-12-09
dc.description.abstractThe South East Europe (SEE6) region exited from recession in the first half of 2013, supported by a nascent recovery in the Euro area. Industry-especially manufacturing exports and energy drove the recovery. The region experienced a welcome surge in exports in 2013, particularly car exports from Serbia. Unemployment in the region, at about 24 percent on average, began to decline in the first half of 2013 from its peak crisis levels. While employment grew in Albania, FYR Macedonia and Montenegro, it remained depressed in Serbia and Bosnia and Herzegovina. Unemployment in the region, at about 24 percent on average, began to decline in the first half of 2013 from its peak crisis levels. While employment grew in Albania, FYR Macedonia and Montenegro, it remained depressed in Serbia and Bosnia and Herzegovina. But even where employment has recovered meaningfully since 2010, the gains were not broad-based and mostly concentrated in services Near-term economic growth will be too weak to support substantial gains in employment. Weak domestic demand depressed imports in all countries but Serbia, where their rise was led by raw materials and parts used in export-oriented industries. Foreign Direct Investment (FDI) remained sluggish in SEE6, rising only by 0.7 percent of gross domestic product (GDP), but its share of financing of the current account increased. Remittances continued to be resilient overall, but the Greek crisis began to take its toll, especially on Albania. Foreign banks' deleveraging from SEE6, rising Non-Performing Loans (NPLs) and weak credit growth underpinned the need for vigorous reforms to reduce vulnerabilities in the financial sector. European banks continued to deleverage and reduced their exposure to the SEE6 region. With the aim of improving their resilience and supervisory capacity, the SEE6 countries made some progress in implementing banking reforms over the past year.en
dc.identifierhttp://documents.worldbank.org/curated/en/2013/12/18622772/slow-road-recovery
dc.identifier.doi10.1596/17000
dc.identifier.urihttps://hdl.handle.net/10986/17000
dc.languageEnglish
dc.language.isoen_US
dc.publisherWashington, DC
dc.relation.ispartofseriesSouth East Europe regular economic report;no. 5
dc.rightsCC BY 3.0 IGO
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectACCOUNTABILITY
dc.subjectACCOUNTING
dc.subjectACCOUNTING STANDARDS
dc.subjectAGRICULTURAL PRODUCTS
dc.subjectANNUAL GROWTH
dc.subjectARREARS
dc.subjectARREARS ACCUMULATION
dc.subjectASSET MANAGEMENT
dc.subjectASSET MANAGEMENT COMPANIES
dc.subjectASSET PRICES
dc.subjectASSET QUALITY
dc.subjectBAD DEBT
dc.subjectBALANCE SHEET
dc.subjectBALANCE SHEETS
dc.subjectBANK BALANCE SHEET
dc.subjectBANK FOR INTERNATIONAL SETTLEMENTS
dc.subjectBANK LENDING
dc.subjectBANK OF GREECE
dc.subjectBANK PORTFOLIOS
dc.subjectBANK PROFITABILITY
dc.subjectBANKING SYSTEM
dc.subjectBANKING SYSTEMS
dc.subjectBANKRUPTCY
dc.subjectBASIS POINTS
dc.subjectBID
dc.subjectBILL
dc.subjectBOND
dc.subjectBOND FINANCING
dc.subjectBOND ISSUANCES
dc.subjectBORROWING
dc.subjectBORROWING COSTS
dc.subjectBROAD MONEY
dc.subjectBUFFERS
dc.subjectCAPITAL ADEQUACY
dc.subjectCAPITAL FLOWS
dc.subjectCAPITAL INFLOWS
dc.subjectCAPITAL MARKETS
dc.subjectCDS
dc.subjectCENTRAL BANK
dc.subjectCENTRAL BANKS
dc.subjectCHAMBER OF COMMERCE
dc.subjectCLARITY
dc.subjectCOLLATERAL
dc.subjectCOMPETITIVENESS
dc.subjectCONSOLIDATION
dc.subjectCONTINGENCY PLANNING
dc.subjectCORPORATE DEBT
dc.subjectCORPORATE INSOLVENCY
dc.subjectCREDIT DEFAULT
dc.subjectCREDIT DEFAULT SWAP
dc.subjectCREDIT DEFAULT SWAPS
dc.subjectCREDIT GROWTH
dc.subjectCREDIT RATING
dc.subjectCREDIT RATINGS
dc.subjectCREDIT UNDERWRITING
dc.subjectCREDITORS
dc.subjectCURRENCY
dc.subjectCURRENCY BOARD
dc.subjectCURRENT ACCOUNT
dc.subjectCURRENT ACCOUNT BALANCE
dc.subjectCURRENT ACCOUNT BALANCES
dc.subjectCURRENT ACCOUNT DEFICIT
dc.subjectCURRENT ACCOUNT DEFICITS
dc.subjectDEBT
dc.subjectDEBT LEVELS
dc.subjectDEBT RESTRUCTURING
dc.subjectDEBT STOCK
dc.subjectDEPOSIT
dc.subjectDEPOSITS
dc.subjectDEVELOPING COUNTRIES
dc.subjectDEVELOPING COUNTRY
dc.subjectDISINFLATION
dc.subjectDISPUTE RESOLUTION
dc.subjectDOMESTIC CONSUMPTION
dc.subjectDOMESTIC CURRENCIES
dc.subjectDOMESTIC DEMAND
dc.subjectDURABLE
dc.subjectECONOMIC ACTIVITY
dc.subjectECONOMIC CONDITIONS
dc.subjectECONOMIC DEVELOPMENTS
dc.subjectECONOMIC GROWTH
dc.subjectEMERGING MARKET
dc.subjectEMERGING MARKET ECONOMIES
dc.subjectEMPLOYMENT
dc.subjectENFORCEMENT PROCEDURES
dc.subjectEQUITY MARKETS
dc.subjectEXCHANGE ARRANGEMENTS
dc.subjectEXPENDITURE
dc.subjectEXPORT CAPACITY
dc.subjectEXPORT GROWTH
dc.subjectEXPORT PERFORMANCE
dc.subjectEXTERNAL DEBT
dc.subjectEXTERNAL DEFICIT
dc.subjectEXTERNAL DEMAND
dc.subjectEXTERNAL FINANCING
dc.subjectEXTERNAL POSITION
dc.subjectFACTORING
dc.subjectFINANCIAL CRISIS
dc.subjectFINANCIAL FLOWS
dc.subjectFINANCIAL RESTRUCTURING
dc.subjectFINANCIAL SYSTEM
dc.subjectFISCAL BALANCE
dc.subjectFISCAL BALANCES
dc.subjectFISCAL DEFICIT
dc.subjectFISCAL DEFICITS
dc.subjectFISCAL DISCIPLINE
dc.subjectFISCAL IMBALANCES
dc.subjectFISCAL POSITIONS
dc.subjectFLEXIBLE EXCHANGE RATES
dc.subjectFOOD PRICE
dc.subjectFOOD PRICES
dc.subjectFORECLOSURE
dc.subjectFOREIGN BANKS
dc.subjectFOREIGN CURRENCIES
dc.subjectFOREIGN CURRENCY
dc.subjectFOREIGN CURRENCY EXPOSURE
dc.subjectFOREIGN CURRENCY LENDING
dc.subjectFOREIGN DIRECT INVESTMENT
dc.subjectGLOBAL CAPITAL
dc.subjectGOVERNMENT DEBT
dc.subjectGROSS DOMESTIC PRODUCT
dc.subjectGROWTH RATE
dc.subjectGROWTH RATES
dc.subjectHIGH-INCOME COUNTRIES
dc.subjectHOUSEHOLD DEBT
dc.subjectHOUSEHOLD INCOMES
dc.subjectHOUSEHOLDS
dc.subjectIMPORT
dc.subjectIMPORT DEMAND
dc.subjectIMPORTS
dc.subjectINFLATION
dc.subjectINFLATIONARY PRESSURES
dc.subjectINFORMAL ECONOMY
dc.subjectINTEREST RATES
dc.subjectINTERNATIONAL BANK
dc.subjectINTERNATIONAL MARKET
dc.subjectINVESTMENT CLIMATE
dc.subjectLABOR COSTS
dc.subjectLABOR FORCE
dc.subjectLABOR FORCE SURVEY
dc.subjectLABOR FORCE SURVEYS
dc.subjectLABOR MARKET
dc.subjectLABOR MARKETS
dc.subjectLACK OF AWARENESS
dc.subjectLEGAL TENDER
dc.subjectLEGISLATION
dc.subjectLIQUIDATION
dc.subjectLIQUIDITY
dc.subjectLIQUIDITY RATIO
dc.subjectLOAN
dc.subjectLOAN PORTFOLIO
dc.subjectLOAN QUALITY
dc.subjectLOAN-TO-DEPOSIT RATIO
dc.subjectLOAN-TO-DEPOSIT RATIOS
dc.subjectLOCAL CURRENCY
dc.subjectLONDON CLUB
dc.subjectLONG- TERM COST
dc.subjectMACROECONOMIC INDICATORS
dc.subjectMACROECONOMIC STABILITY
dc.subjectMARKET CONDITIONS
dc.subjectMINISTRIES OF FINANCE
dc.subjectMONETARY AGGREGATES
dc.subjectMONETARY POLICY
dc.subjectMONEY SUPPLY
dc.subjectMORTGAGES
dc.subjectNON-PERFORMING LOANS
dc.subjectNOTARY
dc.subjectNPL
dc.subjectOUTPUT GAPS
dc.subjectOUTTURNS
dc.subjectOVERDUE LOANS
dc.subjectPEGS
dc.subjectPENSIONS
dc.subjectPORTFOLIO INVESTMENTS
dc.subjectPOVERTY REDUCTION
dc.subjectPRICE INFLATION
dc.subjectPRIVATE CONSUMPTION
dc.subjectPRIVATE CREDIT
dc.subjectPRIVATE DEBT
dc.subjectPRIVATE INVESTMENT
dc.subjectPROBLEM LOANS
dc.subjectPRODUCTIVITY
dc.subjectPROFITABILITY
dc.subjectPROPERTY RIGHTS
dc.subjectPUBLIC DEBT
dc.subjectPUBLIC DEBTS
dc.subjectPUBLIC EXPENDITURE
dc.subjectPUBLIC EXPENDITURES
dc.subjectPUBLIC INVESTMENT
dc.subjectREAL PROPERTY
dc.subjectREAL SECTOR
dc.subjectREAL WAGE GROWTH
dc.subjectRECESSION
dc.subjectREGULATORY AUTHORITIES
dc.subjectREMITTANCES
dc.subjectRESERVES
dc.subjectRETURN
dc.subjectRETURN ON ASSETS
dc.subjectRISK AVERSION
dc.subjectSHORTFALLS
dc.subjectSLACK
dc.subjectSLOWDOWN
dc.subjectSOVEREIGN BOND
dc.subjectSPARE CAPACITY
dc.subjectSTATE GUARANTEES
dc.subjectSTRUCTURAL REFORMS
dc.subjectSTRUCTURAL RIGIDITIES
dc.subjectSUBSIDIARIES
dc.subjectSUBSIDIARY
dc.subjectSYSTEMIC CRISIS
dc.subjectTARIFF BARRIERS
dc.subjectTAX
dc.subjectTAX ADMINISTRATION
dc.subjectTAX COLLECTIONS
dc.subjectTAX HIKES
dc.subjectTAX LAWS
dc.subjectTAXATION
dc.subjectTECHNICAL ASSISTANCE
dc.subjectTOTAL EXTERNAL DEBT
dc.subjectTRADE BALANCE
dc.subjectTRADE BALANCES
dc.subjectTRADE FLOWS
dc.subjectTRADE LIBERALIZATION
dc.subjectTRADE REGIME
dc.subjectTRADING
dc.subjectTRANSPARENCY
dc.subjectTRANSPORT
dc.subjectUNCERTAINTY
dc.subjectUNEMPLOYMENT
dc.subjectUNEMPLOYMENT RATE
dc.subjectUNEMPLOYMENT RATES
dc.subjectUNION
dc.subjectWAGES
dc.titleSouth East Europe Regular Economic Report, No. 5 : Slow Road to Recoveryen
dc.title.alternativeSpor put ka napretku Rimekembja e ngadalteen
dspace.entity.typePublication
okr.date.disclosure2013-12-09
okr.date.doiregistration2025-05-07T10:32:04.125422Z
okr.doctypeEconomic & Sector Work::Economic Updates and Modeling
okr.doctypeEconomic & Sector Work
okr.docurlhttp://documents.worldbank.org/curated/en/2013/12/18622772/slow-road-recovery
okr.globalpracticeMacroeconomics and Fiscal Management
okr.globalpracticeFinance and Markets
okr.guid412601468101063817
okr.guid710201468116040875
okr.guid163411468116041777
okr.guid946961468116041289
okr.guid400791468101064313
okr.identifier.externaldocumentum000456286_20131209140808
okr.identifier.internaldocumentum18622772
okr.identifier.report83136
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2013/12/09/000456286_20131209140808/Rendered/PDF/831360WP0REPLA076B0P14710100PUBLIC0.pdfen
okr.region.administrativeEurope and Central Asia
okr.sectorFinance :: Banking
okr.sectorPublic Administration, Law, and Justice :: General public administration sector
okr.sectorIndustry and trade :: General industry and trade sector
okr.sectorPublic Administration, Law, and Justice :: Central government administration
okr.sectorFinance :: Capital markets
okr.themeEconomic management :: Analysis of economic growth
okr.themeSocial Inclusion
okr.themeEconomic management :: Macroeconomic management
okr.themeTrade and integration :: Export development and competitiveness
okr.themeEconomic management :: Debt management and fiscal sustainability
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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