Report

Western Balkans Regular Economic Report, No. 20, Fall 2021 : Greening the Recovery

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collection.link.85
https://openknowledge.worldbank.org/handle/10986/2193
collection.name.85
Economic Updates and Modeling
dc.contributor.author
World Bank
dc.date.accessioned
2021-10-26T18:53:13Z
dc.date.available
2021-10-26T18:53:13Z
dc.date.issued
2021-10-20
dc.date.lastModified
2022-05-03T17:58:16Z
dc.description.abstract
Fiscal balances have started to improve as a result of a stronger economic performance, but it will take further effort to replenish buffers. The growth recovery is contributing to buoyant revenue collection across the region, particularly in value-added tax collections, as domestic consumption strengthens. Similarly, a leveling off of public spending in 2021 after the countercyclical surge of 2020 is helping on the expenditure side. As a result, all countries except Bosnia and Herzegovina expect to see a narrower fiscal deficit in 2021, with the average deficit reduced by 2.7 percent of GDP year-on-year. However, the deficits across all economies of the Western Balkans are still above pre-pandemic trends, and the legacy of the pandemic is a stock of public debt that has now reached historic highs in all countries except Serbia and Bosnia and Herzegovina. As the recovery from COVID-19 takes hold, greater efforts will be needed to mobilize and diversify sources of revenue and to streamline expenditure programs, which in turn would help address fiscal vulnerabilities that have arisen during the crisis. In line with global conditions, inflationary pressures in the Western Balkans are on an upward trajectory. Average inflation is projected to reach 2.3 percent in 2021 from 0.9 percent in 2020. On the external side, strengthening demand in advanced economies is driving commodity prices upward and putting pressure on COVID-19-strained logistics networks and global value chains. Similarly, the faster-than-expected recovery in domestic consumption across the region has placed upward pressure on domestic costs, particularly in labor markets during the summer tourism season.
en
dc.identifier
http://documents.worldbank.org/curated/undefined/900381634670558017/Greening-the-Recovery
dc.identifier.uri
http://hdl.handle.net/10986/36402
dc.language
English
dc.publisher
World Bank, Washington, DC
dc.relation.ispartofseries
Western Balkans Regular Economic Report, 20
dc.rights
CC BY 3.0 IGO
dc.rights.holder
World Bank
dc.rights.uri
http://creativecommons.org/licenses/by/3.0/igo
dc.subject
ECONOMIC RECOVERY
dc.subject
ECONOMIC GROWTH
dc.subject
LABOR MARKET
dc.subject
POVERTY REDUCTION
dc.subject
FISCAL POLICY
dc.subject
INFLATION
dc.subject
COVID-19
dc.subject
EXTERNAL SECTOR
dc.subject
GREEN GROWTH
dc.subject
PANDEMIC IMPACT
dc.subject
CORONAVIRUS
dc.title
Western Balkans Regular Economic Report, No. 20, Fall 2021
en
dc.title.subtitle
Greening the Recovery
en
dc.type
Report
en
okr.date.disclosure
2021-10-20
okr.date.lastmodified
2021-10-19T00:00:00Z
en
okr.doctype
Economic & Sector Work :: Economic Updates and Modeling
okr.doctype
Economic & Sector Work
okr.docurl
http://documents.worldbank.org/curated/undefined/900381634670558017/Greening-the-Recovery
okr.googlescholar.linkpresent
yes
okr.guid
900381634670558017
okr.identifier.externaldocumentum
090224b088aa0dfc_1_0
okr.identifier.internaldocumentum
33498198
okr.identifier.report
165277
okr.imported
true
en
okr.language.supported
en
okr.pdfurl
http://documents.worldbank.org/curated/en/900381634670558017/pdf/Greening-the-Recovery.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
North Macedonia (Formerly the Former Yugoslav Republic of Macedonia)
okr.region.country
Montenegro
okr.region.country
Serbia
okr.region.geographical
Eastern Europe
okr.topic
Macroeconomics and Economic Growth :: Business Cycles and Stabilization Policies
okr.topic
Macroeconomics and Economic Growth :: Economic Growth
okr.topic
Macroeconomics and Economic Growth :: Fiscal & Monetary Policy
okr.topic
Poverty Reduction :: Employment and Shared Growth
okr.topic
Social Protections and Labor :: Employment and Unemployment
okr.topic
Social Protections and Labor :: Labor Markets
okr.unit
Macroeconomics, Trade and Investment Global Practice

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