World Bank2014-12-302014-12-302014-07https://hdl.handle.net/10986/21040Economic growth is expected to almost double in EU111 in 2014, and continues to strengthen in 2015. Overall EU11 GDP growth is forecast to strengthen from 1.4 percent in 2013 to 2.6 percent in 2014. The initial reliance on net export growth, with rising demand from the rest of the EU, is gradually giving way to more balanced growth as domestic demand picks-up, notably in Romania, Slovakia and Poland. Fiscal consolidation will continue in 2014 and 2015, but at a more gradual pace than in the previous years. The overall EU11 fiscal deficit is expected to drop to 2.9 percent of GDP in 2014 and to 2.5 percent of GDP in 2015. However, there is a need for larger adjustments in Croatia and Slovenia to achieve sustainable deficit and debt levels. Economic growth forecasts in the EU11 are subject to multiple risks, mainly on the downside, as the global financial situation remains fragile. While labor market conditions have started to improve, the pace of job creation and reduction in unemployment rates are likely to be gradual.en-USCC BY 3.0 IGOAGRICULTUREASSET MANAGEMENTASSET QUALITYASSET-BACKED SECURITIESBALANCE SHEETBANK BALANCE SHEETSBANK EXPOSUREBANK FINANCINGBANK FOR INTERNATIONAL SETTLEMENTSBANK LENDINGBANK LINKAGESBANK RECAPITALIZATIONBANKING SECTORBANKING SECTORSBANKING SYSTEMBANKRUPTCYBASIS POINTSBONDBOND SWAPBOOK-ENTRYCAPITAL EXPENDITURESCAPITAL FLIGHTCAPITAL FLOWCAPITAL FLOWSCAPITAL INFLOWSCAPITAL MARKETSCAPITAL STOCKCDSCENTRAL BANKCENTRAL BANKSCOMMODITY PRICECOMMODITY PRICESCOMPETITIVENESSCONSOLIDATIONCONSUMER LOANSCONSUMER PRICE INDEXCONSUMPTION EXPENDITURECONSUMPTION TAXESCORPORATE BONDSCREDIT DEFAULTCREDIT DEFAULT SWAPCREDIT GROWTHCREDIT RATINGCREDIT RATINGSCREDIT RISKSCURRENCYCURRENT ACCOUNT DEFICITCURRENT ACCOUNT DEFICITSCURRENT ACCOUNT SURPLUSESDEBTDEBT BURDENSDEBT CRISESDEBT CRISISDEBT LEVELSDEFLATIONDEMAND FOR CREDITDEPOSITDEPOSITSDEVALUATIONDEVELOPING COUNTRIESDEVELOPING COUNTRYDEVELOPING COUNTRY EQUITYDOMESTIC MARKETSDURABLEECONOMIC CONDITIONSECONOMIC DEVELOPMENTSECONOMIC EXPANSIONECONOMIC GROWTHECONOMIC OUTLOOKEIBEMERGING ECONOMIESEMERGING MARKETEMERGING MARKET ECONOMIESEMERGING MARKETSEQUITY CAPITALEQUITY INVESTMENTEQUITY MARKETSEUROPEAN CENTRAL BANKEXCHANGE RATEEXCHANGE RATESEXPENDITURESEXPORT GROWTHEXPORTSEXTERNAL FUNDINGFEDERAL RESERVEFEDERAL RESERVE BANKFINANCIAL FLOWSFINANCIAL INSTITUTIONSFINANCIAL MARKETSFINANCIAL SECTORFINANCIAL SECTOR INDICATORSFINANCIAL SUSTAINABILITYFISCAL DEFICITFISCAL DEFICITSFISCAL POLICYFLOATING EXCHANGE RATESFORECASTSFOREIGN BANKFOREIGN BANKSFOREIGN CAPITALFOREIGN CURRENCYFOREIGN DIRECT INVESTMENTFULL EMPLOYMENTGDPGDP PER CAPITAGLOBAL FINANCIAL STABILITYGOVERNMENT BONDSGOVERNMENT REVENUESGROSS DOMESTIC PRODUCTGROSS DOMESTIC PRODUCT GROWTHGROWTH RATEHOST COUNTRYHOUSEHOLD INCOMESHOUSEHOLD SAVINGHOUSINGHUMAN CAPITALINCOMEINCOME GROWTHINCOME INEQUALITIESINCOME TAXINDEBTEDNESSINFLATIONINFLATION RATEINFLATION RATESINSTITUTIONAL INVESTORSINTEREST PAYMENTSINTEREST RATEINTEREST RATESINTERNATIONAL BANKINTERNATIONAL BANKINGINTERNATIONAL FINANCEINTERNATIONAL FINANCIAL MARKETSINTERNATIONAL FINANCIAL STATISTICSINTERNATIONAL SETTLEMENTSINVENTORIESINVESTMENT ACTIVITYINVESTMENT PROJECTSINVESTMENT RATESJUDICIAL SYSTEMLABOR COSTSLABOR MARKETLABOR MARKETSLEGAL FRAMEWORKSLIQUIDITYLOANLOCAL MARKETSLONG-TERM INTERESTLONG-TERM INTEREST RATESMACROECONOMIC PERFORMANCEMACROECONOMIC POLICIESMACROECONOMIC STABILIZATIONMARKET CONDITIONSMIDDLE INCOME COUNTRIESMINISTRIES OF FINANCEMONETARY FUNDMONETARY POLICIESMONETARY POLICYNET EXPORTSNON-PERFORMING LOANNON-PERFORMING LOANSNONPERFORMING LOANSNPLPENSIONPENSION REFORMPENSION SYSTEMPENSIONSPER CAPITA INCOMEPORTFOLIOPORTFOLIO INVESTMENTPORTFOLIO INVESTMENTSPORTFOLIOSPRICE DECLINESPRICE STABILITYPRIVATE CAPITALPRODUCTIVITYPUBLIC DEBTPUBLIC FINANCESPUBLIC INVESTMENTPUBLIC SECTOR BORROWINGPURCHASING POWERRATES OF INFLATIONREAL ESTATE LOANSREAL GDPREAL INTERESTREAL INTEREST RATESREAL SECTORRECAPITALIZATIONRECESSIONREGULATORY FRAMEWORKREGULATORY FRAMEWORKSRETURNRISK AVERSIONRISK FACTORSECURITIESSECURITIES MARKETSSOLVENCYSOVEREIGN BONDSSOVEREIGN DEBTSOVEREIGN RATINGSOVEREIGN RATINGSSTOCKSSUBSIDIARIESSUBSIDIARYSUPPLY OF CREDITTAX RATETAXATIONTOTAL FACTOR PRODUCTIVITYTRADE BALANCESTRADINGTRANSACTIONTRANSMISSION OF MONETARY POLICYTRANSPARENCYTREASURIESTURNOVERUNDERLYING ASSETSUNEMPLOYMENTUNEMPLOYMENT RATEUNEMPLOYMENT RATESVALUE ADDEDWAGESWEALTHWITHDRAWAL10.1596/21040