South East Europe, No. 9, Spring 2016 [electronic resource] : Rebalancing for Stronger Growth.
Material type: TextSeries: Economic Updates and Modeling | World Bank e-LibraryPublication details: Washington, D.C. : The World Bank, 2016Description: 1 online resource (1 p.)Subject(s): Access to Finance | Accounting | Analysis of Economic Growth | Banking Sector | Bonds | Capital Flows | Capital Markets | Capital Requirements | Central Banks | Collateral | Commercial Banks | Commodity Prices | Contracts | Corporate Governance | Currencies | Debt | Debt Management and Fiscal Sustainability | Economic Growth | Economic Management | Economic Statistics, Modeling and Forecasting | Employment and Unemployment | Equity | Equity Markets | Exchange Rates | Expenditures | Exporters | Finance and Financial Sector Development | Financial Crisis | Fiscal & Monetary Policy | Fiscal Policy | Foreign Direct Investment | Global Economy | Human Capital | Human Resources | Inflation | Insurance | Interest Rates | Investment Climate | Judicial Reform | Living Standards | Loans | Macroeconomic Management | Macroeconomics and Economic Growth | Monetary Policy | Poverty | Poverty Reduction | Pro-Poor Growth | Public Debt | Public Spending | Remittances | Risk Aversion | Social Protections and Labor | Tariffs | Taxes | Telecommunications | TransparencyOnline resources: Click here to access online Abstract: Growth in the six South East European countries (SEE6) rebounded to 2.1 percent in 2015, as investment revived. The SEE6 region is not only growing but also rebalancing to more durable sources of growth. While higher growth in 2015 brought new jobs in the private sector, and helped poverty reduction to resume, unemployment is still entrenched. In 2015, fiscal deficits continued to narrow in all SEE6 countries except Montenegro. With inflation at historic lows, accommodative monetary policy supported growth, and credit to the economy slowly began to grow. The near-term baseline outlook for the region is positive. Fiscal and current account deficits must decline further to support growth. Sustaining the nascent rebalancing requires unlocking the growth potential of the SEE6 economics by reversing productivity dynamics that have been deteriorating since 2008. The agenda for reducing the structural rigidities that impede growth is broad based and centered on five pillars: eliminate disincentives and barriers to formal; employment; improve the business climate and governance; reduce the size of government while improving quality of service delivery; deepen trade and financial integration; and ensure that natural resource use is sustainable.Growth in the six South East European countries (SEE6) rebounded to 2.1 percent in 2015, as investment revived. The SEE6 region is not only growing but also rebalancing to more durable sources of growth. While higher growth in 2015 brought new jobs in the private sector, and helped poverty reduction to resume, unemployment is still entrenched. In 2015, fiscal deficits continued to narrow in all SEE6 countries except Montenegro. With inflation at historic lows, accommodative monetary policy supported growth, and credit to the economy slowly began to grow. The near-term baseline outlook for the region is positive. Fiscal and current account deficits must decline further to support growth. Sustaining the nascent rebalancing requires unlocking the growth potential of the SEE6 economics by reversing productivity dynamics that have been deteriorating since 2008. The agenda for reducing the structural rigidities that impede growth is broad based and centered on five pillars: eliminate disincentives and barriers to formal; employment; improve the business climate and governance; reduce the size of government while improving quality of service delivery; deepen trade and financial integration; and ensure that natural resource use is sustainable.
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