South East Europe Regular Economic Report, June 2012

After they achieved 2.2 percent growth in 2011, early indications are that the economies of the six countries in South East Europe (the SEE6: Albania, Bosnia and Herzegovina (BIH), Kosovo, FYR Macedonia, Montenegro, and Serbia) are slowing drastica...

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Bibliographic Details
Main Author:	World Bank
Format:	General Economy, Macroeconomics and Growth Study
Language:	English en_US
Published:	Washington, DC 2012
Subjects:	ACCOUNTING ADVERSE EFFECT BALANCE OF PAYMENTS BALANCE SHEET BANK CREDIT BANK DEPOSITS BANK FOR INTERNATIONAL SETTLEMENTS BANK LENDING BANK OF GREECE BANKING SECTOR BANKING SYSTEM BANKING SYSTEMS BANKRUPTCY BANKRUPTCY LAW BANKRUPTCY PROCEDURE BONDS BOOST TO GROWTH BUSINESS ENVIRONMENT CADASTRE CAPITAL ADEQUACY CAPITAL ADEQUACY RATIOS CAPITAL EXPENDITURES CAPITAL INFLOWS CDS CENTRAL BANK CENTRAL BANKS COMMERCIAL BORROWING COMMODITY COMMODITY PRICES CONFIDENCE INDICES CONSOLIDATION CONTRACT ENFORCEMENT CREDIT DEFAULT CREDIT DEFAULT SWAP CREDIT EXPANSION CREDIT INFORMATION CREDIT INFORMATION SYSTEM CREDIT LINE CREDIT RATING CREDITORS CURRENCY CURRENCY BOARD CURRENT ACCOUNT DEFICIT CURRENT ACCOUNT DEFICITS DEBT LEVELS DEBT PAPER DEBT SERVICING DEBT SERVICING COSTS DEMOGRAPHIC DEPOSIT DEPOSITS DIVIDEND DIVIDENDS DOMESTIC BANK DOMESTIC BORROWING DOMESTIC CAPITAL DOMESTIC CAPITAL MARKETS ECONOMIC CRISIS ECONOMIC INTEGRATION EMERGING ECONOMIES EMERGING MARKETS EMPLOYMENT ENFORCEMENT SYSTEM ENTERPRISE PERFORMANCE EQUIPMENT EQUITY INDEX EUROBOND EXCHANGE RATES EXPENDITURE EXPENDITURES EXPORT GROWTH EXPORT MARKET EXPORT PERFORMANCE EXPOSURE EXTERNAL DEBT EXTERNAL DEFICITS EXTERNAL FINANCING FINANCES FINANCIAL CRISES FINANCIAL CRISIS FINANCIAL MARKET FINANCIAL MARKET DEVELOPMENT FINANCIAL SECTOR FINANCIAL STABILITY FINANCING SOURCES FISCAL BURDEN FISCAL CONSOLIDATION FISCAL DEFICIT FISCAL DEFICITS FISCAL POLICIES FISCAL POLICY FIXED EXCHANGE RATES FLEXIBLE EXCHANGE RATE FLEXIBLE EXCHANGE RATE REGIMES FLEXIBLE EXCHANGE RATES FOREIGN BANKS FOREIGN CURRENCY FOREIGN CURRENCY DEPOSITS FOREIGN EXCHANGE FOREIGN EXCHANGE RESERVES FOREIGN FINANCING FOREIGN INVESTMENT FOREIGN PORTFOLIO FOREIGN PORTFOLIO INVESTMENT FUTURE GROWTH GLOBAL BOND GLOBAL ECONOMY GOVERNMENT BORROWING GOVERNMENT DEBT GOVERNMENT EXPENDITURES GOVERNMENT REVENUES GROWTH RATE HOST COUNTRIES INCOME INCOME LEVELS INCOME TAX INCOME TAXES INDIVIDUAL FIRMS INFLATION INFRASTRUCTURE INVESTMENT INSURANCE INTEREST EXPENDITURES INTEREST RATES INTERNATIONAL FINANCIAL INSTITUTIONS INTERNATIONAL FINANCIAL STATISTICS INTERNATIONAL SETTLEMENTS INVESTOR INTEREST ISSUANCE LABOR MARKET LABOR MARKETS LAWS LEGISLATION LEGISLATIVE FRAMEWORK LENDERS LEVEL OF DEBT LIQUIDATION LIQUIDITY LOAN LOAN LOSS PROVISIONS LOAN PROCEEDS MACROECONOMIC ENVIRONMENT MACROECONOMIC MANAGEMENT MACROECONOMIC POLICIES MACROECONOMIC STABILITY MARKET ACCESS MARKET CONDITIONS MARKET DEVELOPMENT MARKET DEVELOPMENTS MARKET EFFICIENCY MARKET PERFORMANCE MATURITY MIGRATION MINISTRIES OF FINANCE MONETARY FUND MONETARY POLICY NATIONAL BANK NON-PERFORMING LOANS NONPERFORMING LOANS NOTARY NPL OIL PRICES OPEN ECONOMIES OUTPUT OVERSIGHT PROCESSES PENSION PENSION REFORM PENSION REFORMS PENSION SYSTEMS PENSIONS POLITICAL ECONOMY PORTFOLIO PORTFOLIO FLOWS PRIVATE CREDIT PRIVATE CREDIT BUREAU PRIVATE FINANCING PRIVATIZATION PRODUCTIVITY PUBLIC DEBT PUBLIC FINANCE PUBLIC FINANCES PUBLIC SPENDING PUBLIC-PRIVATE PARTNERSHIPS RAPID GROWTH REAL ESTATE REAL GROWTH RATES REAL SECTOR REFORM PROGRAM REGIONAL TRADE REGULATORS REMITTANCES REORGANIZATION RETIREMENT RETURN RETURNS RETURNS ON EQUITY RISK PREMIUM RULE OF LAW SELF-REGULATION SETTLEMENT SINGLE MARKET SOCIAL PROTECTION SOVEREIGN DEBT SOVEREIGN DEBT MARKET SOVEREIGN DEBT PROBLEMS STOCK MARKET STOCK MARKET VOLATILITY SUBSIDIARIES SUBSIDIARY SUPERVISORY AUTHORITIES TAX TAX ADMINISTRATION TAX COMPLIANCE TAX RATE TAX RATES TAXATION TRACK RECORD TRADE BALANCE TRADE LIBERALIZATION TRADE RELATIONS TRANSPARENCY UNEMPLOYMENT RATE UNEMPLOYMENT RATES VOLATILE ENVIRONMENT WAGES
Online Access:	http://documents.worldbank.org/curated/en/2012/06/16336076/south-east-europe-regular-economic-report http://hdl.handle.net/10986/11888

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Summary:	After they achieved 2.2 percent growth in 2011, early indications are that the economies of the six countries in South East Europe (the SEE6: Albania, Bosnia and Herzegovina (BIH), Kosovo, FYR Macedonia, Montenegro, and Serbia) are slowing drastically and can expect just 1.1 percent growth in 2012. Economic conditions in the Euro zone are holding back economic activity and depressing government revenues in SEE6 countries. With both public debt and financing pressures high, most countries in the region need to embark on major fiscal consolidation programs if they are to reverse their adverse debt dynamics and avoid financing problems down the road. The good news is that in general the SEE6 financial sectors are still relatively well placed, despite elevated risks and vulnerability to adverse shocks, especially the possibility of contagion if the Greek crisis should intensify. The bad news is social: SEE6 countries have the highest unemployment and poverty rates in Europe. Yet even with the difficult short-term situation, SEE6 countries now have historic opportunity to board the European 'convergence train' and over the long term reduce their per capita income gap with developed European Union (EU) countries. All earlier entrants were able to 'catch up quickly.' In principle, the same 'convergence train' is now pulling into the EU candidate countries in SEE6; but these gains are not automatic, they will materialize only if country policies and reforms facilitate them. The long-term SEE6 structural reform agenda must leverage greater trade and financial integration and reform labor markets and the public sector.

South East Europe Regular Economic Report, June 2012

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