EU11 Regular Economic Report : Coping with External Headwinds
This study claims that despite the challenging external environment, EU11 countries did well in 2011. First, economic growth strengthened to above 3 percent (from around 2 percent in 2010) and the region fully recovered its output losses from the g...
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| Format: | Other Poverty Study |
| Language: | English en_US |
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Washington, DC
2012
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| Online Access: | http://documents.worldbank.org/curated/en/2012/06/16439134/eu11-regular-economic-report-coping-external-headwinds-special-topic-drivers-convergence-eu11 http://hdl.handle.net/10986/11896 |
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okr-10986-11896 |
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| recordtype |
oai_dc |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
ACCOUNTING AGRICULTURAL PRODUCTION AGRICULTURE ASSET CLASSES ASSET PRICES BALANCE SHEET BALANCE SHEETS BANK BALANCE SHEETS BANK LENDING BANKING SECTOR BANKING SYSTEM BANKRUPTCY BASIS POINTS BENCHMARK BENCHMARKS BOND SPREADS BONDS CAPACITY CONSTRAINTS CAPITAL ADEQUACY CAPITAL FLOWS CAPITAL GOODS CAPITAL INFLOWS CAPITAL REQUIREMENTS CD CDS CENTRAL BANKS COMMERCIAL BANKS COMMODITY PRICE COMMODITY PRICES COMPETITIVENESS CONSOLIDATION CONSUMER PRICE INDEX CONSUMERS CORPORATE BOND CPI CREDIT GROWTH CROATIAN NATIONAL BANK CURRENCY CURRENCY DEPRECIATIONS CURRENT ACCOUNT DEFICIT CURRENT EXPENDITURES DEBT DEBT CRISIS DEBT FLOWS DEBT LEVELS DEBT MARKETS DEBT REDUCTION DEBT SERVICE DEBTORS DEFICITS DEFLATION DEMOGRAPHICS DEPOSIT DEPOSITS DIRECT INVESTMENT DISPOSABLE INCOME ECONOMIC ACTIVITY ECONOMIC CONDITIONS ECONOMIC CONSEQUENCES ECONOMIC DEVELOPMENTS ECONOMIC GROWTH ECONOMIC OUTLOOK ECONOMIC PERFORMANCE ECONOMIC POLICIES ECONOMIC POLICY ECONOMIC PROBLEMS ECONOMIC PROGRAMS ECONOMIC SITUATION EMPLOYMENT ENFORCEABILITY ENTREPRENEURSHIP EQUIPMENT EQUITY FLOWS EUROPEAN CENTRAL BANK EXCHANGE RATE EXCHANGE RATES EXPENDITURE EXPORT GROWTH EXTERNAL DEBT FINANCIAL CRISIS FINANCIAL INSTITUTIONS FINANCIAL INTEGRATION FINANCIAL MARKETS FINANCIAL SECTOR FINANCIAL SERVICES FINANCIAL STABILITY FINANCIAL SYSTEM FINANCIAL TRANSACTIONS FISCAL DEFICIT FISCAL DEFICITS FISCAL DISCIPLINE FISCAL EFFORT FISCAL EFFORTS FISCAL POLICY FISHING FLEXIBLE EXCHANGE RATES FORECASTS FOREIGN BANK FOREIGN BANKS FOREIGN CAPITAL FOREIGN INVESTMENT FORESTRY FREE TRADE GDP GDP PER CAPITA GLOBAL ECONOMIES GLOBAL ECONOMY GLOBAL FINANCIAL STABILITY GLOBAL TRADE GOVERNANCE ISSUES GOVERNMENT BANKS GOVERNMENT BOND GOVERNMENT BOND YIELDS GOVERNMENT DEBT GOVERNMENT DEFICITS GOVERNMENT SPENDING GRANT FUNDING GROWTH POTENTIAL GROWTH RATE HIGH UNEMPLOYMENT HUMAN CAPITAL HUMAN CAPITAL DEVELOPMENT INDEBTEDNESS INDEXATION INFLATION INFLATION RATES INTEREST PAYMENTS INTEREST RATE INTEREST RATES INTERMEDIATE GOODS INTERNATIONAL FINANCIAL MARKET INTERNATIONAL SETTLEMENT INVENTORIES INVENTORY INVESTMENT ACTIVITY INVESTMENT CLIMATE INVESTMENT PROJECTS INVESTOR CONFIDENCE LABOR COSTS LABOR FORCE LABOR MARKET LABOR MARKETS LABOR PRODUCTIVITY LAWS LEGAL SYSTEM LEGISLATION LENDING PRACTICES LEVIES LIBERALIZATION OF TRADE LIMITED LIABILITY LIQUIDATION LIQUIDITY LIVING STANDARDS LOAN LOCAL GOVERNMENTS MACROECONOMIC ENVIRONMENT MACROECONOMIC STABILITY MARKET CONDITIONS MARKET CONFIDENCE MARKET DEVELOPMENT MARKET EFFICIENCY MARKET REFORMS MONETARY FUND MONETARY POLICY MONEY MARKETS MONOPOLIES NATURAL DISASTERS NET EXPORTS NONPERFORMING LOANS NPL OIL OIL PRICES OPEN ECONOMY OUTPUT LOSSES PENSION PENSION SYSTEM PENSION SYSTEMS PENSIONS POLICY DECISIONS POLICY ENVIRONMENT PORTFOLIO PORTFOLIO INVESTMENT PRICE DECLINES PRIVATE CONSUMPTION PRIVATE CREDITORS PRIVATE SECTOR CREDIT PRIVATE SECTOR DEBT PRIVATIZATION PRODUCT MARKETS PRODUCTIVITY PRODUCTIVITY GROWTH PROPERTY RIGHTS PUBLIC DEBT PUBLIC FINANCE PUBLIC FINANCES PUBLIC GOODS PUBLIC INVESTMENT PUBLIC SERVICES PUBLIC SPENDING PURCHASING POWER REAL EXCHANGE RATE REAL WAGES RECAPITALIZATION RESERVE RESERVES RETURN RETURNS RISK PROFILES RULE OF LAW SAFETY NET SOCIAL SAFETY NETS SOCIAL SERVICES SOVEREIGN BOND SOVEREIGN DEBT SOVEREIGN DEBT PROBLEMS STOCKS SUBSIDIARIES SUPERVISORY AUTHORITIES SUSTAINABLE GROWTH TAX TAXATION TELECOMMUNICATIONS TOTAL DEBT TRADE BALANCES TRADE FLOWS TRADING TRADING SYSTEM TRANSFER PAYMENTS TRANSPARENCY TRANSPORT TREATY TURNOVER UNEMPLOYMENT UNEMPLOYMENT RATE UNEMPLOYMENT RATES VALUE ADDED WAGES |
| spellingShingle |
ACCOUNTING AGRICULTURAL PRODUCTION AGRICULTURE ASSET CLASSES ASSET PRICES BALANCE SHEET BALANCE SHEETS BANK BALANCE SHEETS BANK LENDING BANKING SECTOR BANKING SYSTEM BANKRUPTCY BASIS POINTS BENCHMARK BENCHMARKS BOND SPREADS BONDS CAPACITY CONSTRAINTS CAPITAL ADEQUACY CAPITAL FLOWS CAPITAL GOODS CAPITAL INFLOWS CAPITAL REQUIREMENTS CD CDS CENTRAL BANKS COMMERCIAL BANKS COMMODITY PRICE COMMODITY PRICES COMPETITIVENESS CONSOLIDATION CONSUMER PRICE INDEX CONSUMERS CORPORATE BOND CPI CREDIT GROWTH CROATIAN NATIONAL BANK CURRENCY CURRENCY DEPRECIATIONS CURRENT ACCOUNT DEFICIT CURRENT EXPENDITURES DEBT DEBT CRISIS DEBT FLOWS DEBT LEVELS DEBT MARKETS DEBT REDUCTION DEBT SERVICE DEBTORS DEFICITS DEFLATION DEMOGRAPHICS DEPOSIT DEPOSITS DIRECT INVESTMENT DISPOSABLE INCOME ECONOMIC ACTIVITY ECONOMIC CONDITIONS ECONOMIC CONSEQUENCES ECONOMIC DEVELOPMENTS ECONOMIC GROWTH ECONOMIC OUTLOOK ECONOMIC PERFORMANCE ECONOMIC POLICIES ECONOMIC POLICY ECONOMIC PROBLEMS ECONOMIC PROGRAMS ECONOMIC SITUATION EMPLOYMENT ENFORCEABILITY ENTREPRENEURSHIP EQUIPMENT EQUITY FLOWS EUROPEAN CENTRAL BANK EXCHANGE RATE EXCHANGE RATES EXPENDITURE EXPORT GROWTH EXTERNAL DEBT FINANCIAL CRISIS FINANCIAL INSTITUTIONS FINANCIAL INTEGRATION FINANCIAL MARKETS FINANCIAL SECTOR FINANCIAL SERVICES FINANCIAL STABILITY FINANCIAL SYSTEM FINANCIAL TRANSACTIONS FISCAL DEFICIT FISCAL DEFICITS FISCAL DISCIPLINE FISCAL EFFORT FISCAL EFFORTS FISCAL POLICY FISHING FLEXIBLE EXCHANGE RATES FORECASTS FOREIGN BANK FOREIGN BANKS FOREIGN CAPITAL FOREIGN INVESTMENT FORESTRY FREE TRADE GDP GDP PER CAPITA GLOBAL ECONOMIES GLOBAL ECONOMY GLOBAL FINANCIAL STABILITY GLOBAL TRADE GOVERNANCE ISSUES GOVERNMENT BANKS GOVERNMENT BOND GOVERNMENT BOND YIELDS GOVERNMENT DEBT GOVERNMENT DEFICITS GOVERNMENT SPENDING GRANT FUNDING GROWTH POTENTIAL GROWTH RATE HIGH UNEMPLOYMENT HUMAN CAPITAL HUMAN CAPITAL DEVELOPMENT INDEBTEDNESS INDEXATION INFLATION INFLATION RATES INTEREST PAYMENTS INTEREST RATE INTEREST RATES INTERMEDIATE GOODS INTERNATIONAL FINANCIAL MARKET INTERNATIONAL SETTLEMENT INVENTORIES INVENTORY INVESTMENT ACTIVITY INVESTMENT CLIMATE INVESTMENT PROJECTS INVESTOR CONFIDENCE LABOR COSTS LABOR FORCE LABOR MARKET LABOR MARKETS LABOR PRODUCTIVITY LAWS LEGAL SYSTEM LEGISLATION LENDING PRACTICES LEVIES LIBERALIZATION OF TRADE LIMITED LIABILITY LIQUIDATION LIQUIDITY LIVING STANDARDS LOAN LOCAL GOVERNMENTS MACROECONOMIC ENVIRONMENT MACROECONOMIC STABILITY MARKET CONDITIONS MARKET CONFIDENCE MARKET DEVELOPMENT MARKET EFFICIENCY MARKET REFORMS MONETARY FUND MONETARY POLICY MONEY MARKETS MONOPOLIES NATURAL DISASTERS NET EXPORTS NONPERFORMING LOANS NPL OIL OIL PRICES OPEN ECONOMY OUTPUT LOSSES PENSION PENSION SYSTEM PENSION SYSTEMS PENSIONS POLICY DECISIONS POLICY ENVIRONMENT PORTFOLIO PORTFOLIO INVESTMENT PRICE DECLINES PRIVATE CONSUMPTION PRIVATE CREDITORS PRIVATE SECTOR CREDIT PRIVATE SECTOR DEBT PRIVATIZATION PRODUCT MARKETS PRODUCTIVITY PRODUCTIVITY GROWTH PROPERTY RIGHTS PUBLIC DEBT PUBLIC FINANCE PUBLIC FINANCES PUBLIC GOODS PUBLIC INVESTMENT PUBLIC SERVICES PUBLIC SPENDING PURCHASING POWER REAL EXCHANGE RATE REAL WAGES RECAPITALIZATION RESERVE RESERVES RETURN RETURNS RISK PROFILES RULE OF LAW SAFETY NET SOCIAL SAFETY NETS SOCIAL SERVICES SOVEREIGN BOND SOVEREIGN DEBT SOVEREIGN DEBT PROBLEMS STOCKS SUBSIDIARIES SUPERVISORY AUTHORITIES SUSTAINABLE GROWTH TAX TAXATION TELECOMMUNICATIONS TOTAL DEBT TRADE BALANCES TRADE FLOWS TRADING TRADING SYSTEM TRANSFER PAYMENTS TRANSPARENCY TRANSPORT TREATY TURNOVER UNEMPLOYMENT UNEMPLOYMENT RATE UNEMPLOYMENT RATES VALUE ADDED WAGES World Bank EU11 Regular Economic Report : Coping with External Headwinds |
| geographic_facet |
Europe and Central Asia |
| description |
This study claims that despite the
challenging external environment, EU11 countries did well in
2011. First, economic growth strengthened to above 3 percent
(from around 2 percent in 2010) and the region fully
recovered its output losses from the global financial
crisis. Second, fiscal measures delivered reduction of
around 3 percent of GDP in the EU11 average fiscal deficit.
Third, the financial sector remained resilient to renewed
concerns about negative feedback loops between insecure
sovereign debtors and fragile financial markets. However,
the good performance conceals important shifts in economic
sentiment that occurred during the year. While the growth
momentum was still strong in the first half of 2011, it
slowed toward the end of the year, as the region started to
feel the impact of lingering concerns about European
sovereign-debt markets, creeping oil prices, and the global
slowdown. With the downward trend in economic activity,
labor markets remained slack. Unemployment rates hovered
around those recorded in the midst of the global financial
crisis with sluggish employment growth. The paper points out
that the European economic growth model has delivered
unprecedented welfare to the continent over the last half
century. In spite of its remarkable success, several aspects
of the European economic growth model require reform to
ensure that it is sustainable. Among the priorities for many
European states today are providing incentives for labor
mobility, making public finances more sustainable, and
adapting social security systems to demographic
developments, and harmonizing regulation across borders.
This note zeroes in on the EU11 region to explore what is
driving their prosperity and growth. The main messages
related to the drivers of growth and prosperity in EU11 are
as follows: 1) Convergence; 2) Trade and finance; 3)
Enterprise and innovation; 4) Labor; and 4) Government. |
| format |
Economic & Sector Work :: Other Poverty Study |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
EU11 Regular Economic Report : Coping with External Headwinds |
| title_short |
EU11 Regular Economic Report : Coping with External Headwinds |
| title_full |
EU11 Regular Economic Report : Coping with External Headwinds |
| title_fullStr |
EU11 Regular Economic Report : Coping with External Headwinds |
| title_full_unstemmed |
EU11 Regular Economic Report : Coping with External Headwinds |
| title_sort |
eu11 regular economic report : coping with external headwinds |
| publisher |
Washington, DC |
| publishDate |
2012 |
| url |
http://documents.worldbank.org/curated/en/2012/06/16439134/eu11-regular-economic-report-coping-external-headwinds-special-topic-drivers-convergence-eu11 http://hdl.handle.net/10986/11896 |
| _version_ |
1764418310335627264 |
| spelling |
okr-10986-118962021-04-23T14:02:58Z EU11 Regular Economic Report : Coping with External Headwinds World Bank ACCOUNTING AGRICULTURAL PRODUCTION AGRICULTURE ASSET CLASSES ASSET PRICES BALANCE SHEET BALANCE SHEETS BANK BALANCE SHEETS BANK LENDING BANKING SECTOR BANKING SYSTEM BANKRUPTCY BASIS POINTS BENCHMARK BENCHMARKS BOND SPREADS BONDS CAPACITY CONSTRAINTS CAPITAL ADEQUACY CAPITAL FLOWS CAPITAL GOODS CAPITAL INFLOWS CAPITAL REQUIREMENTS CD CDS CENTRAL BANKS COMMERCIAL BANKS COMMODITY PRICE COMMODITY PRICES COMPETITIVENESS CONSOLIDATION CONSUMER PRICE INDEX CONSUMERS CORPORATE BOND CPI CREDIT GROWTH CROATIAN NATIONAL BANK CURRENCY CURRENCY DEPRECIATIONS CURRENT ACCOUNT DEFICIT CURRENT EXPENDITURES DEBT DEBT CRISIS DEBT FLOWS DEBT LEVELS DEBT MARKETS DEBT REDUCTION DEBT SERVICE DEBTORS DEFICITS DEFLATION DEMOGRAPHICS DEPOSIT DEPOSITS DIRECT INVESTMENT DISPOSABLE INCOME ECONOMIC ACTIVITY ECONOMIC CONDITIONS ECONOMIC CONSEQUENCES ECONOMIC DEVELOPMENTS ECONOMIC GROWTH ECONOMIC OUTLOOK ECONOMIC PERFORMANCE ECONOMIC POLICIES ECONOMIC POLICY ECONOMIC PROBLEMS ECONOMIC PROGRAMS ECONOMIC SITUATION EMPLOYMENT ENFORCEABILITY ENTREPRENEURSHIP EQUIPMENT EQUITY FLOWS EUROPEAN CENTRAL BANK EXCHANGE RATE EXCHANGE RATES EXPENDITURE EXPORT GROWTH EXTERNAL DEBT FINANCIAL CRISIS FINANCIAL INSTITUTIONS FINANCIAL INTEGRATION FINANCIAL MARKETS FINANCIAL SECTOR FINANCIAL SERVICES FINANCIAL STABILITY FINANCIAL SYSTEM FINANCIAL TRANSACTIONS FISCAL DEFICIT FISCAL DEFICITS FISCAL DISCIPLINE FISCAL EFFORT FISCAL EFFORTS FISCAL POLICY FISHING FLEXIBLE EXCHANGE RATES FORECASTS FOREIGN BANK FOREIGN BANKS FOREIGN CAPITAL FOREIGN INVESTMENT FORESTRY FREE TRADE GDP GDP PER CAPITA GLOBAL ECONOMIES GLOBAL ECONOMY GLOBAL FINANCIAL STABILITY GLOBAL TRADE GOVERNANCE ISSUES GOVERNMENT BANKS GOVERNMENT BOND GOVERNMENT BOND YIELDS GOVERNMENT DEBT GOVERNMENT DEFICITS GOVERNMENT SPENDING GRANT FUNDING GROWTH POTENTIAL GROWTH RATE HIGH UNEMPLOYMENT HUMAN CAPITAL HUMAN CAPITAL DEVELOPMENT INDEBTEDNESS INDEXATION INFLATION INFLATION RATES INTEREST PAYMENTS INTEREST RATE INTEREST RATES INTERMEDIATE GOODS INTERNATIONAL FINANCIAL MARKET INTERNATIONAL SETTLEMENT INVENTORIES INVENTORY INVESTMENT ACTIVITY INVESTMENT CLIMATE INVESTMENT PROJECTS INVESTOR CONFIDENCE LABOR COSTS LABOR FORCE LABOR MARKET LABOR MARKETS LABOR PRODUCTIVITY LAWS LEGAL SYSTEM LEGISLATION LENDING PRACTICES LEVIES LIBERALIZATION OF TRADE LIMITED LIABILITY LIQUIDATION LIQUIDITY LIVING STANDARDS LOAN LOCAL GOVERNMENTS MACROECONOMIC ENVIRONMENT MACROECONOMIC STABILITY MARKET CONDITIONS MARKET CONFIDENCE MARKET DEVELOPMENT MARKET EFFICIENCY MARKET REFORMS MONETARY FUND MONETARY POLICY MONEY MARKETS MONOPOLIES NATURAL DISASTERS NET EXPORTS NONPERFORMING LOANS NPL OIL OIL PRICES OPEN ECONOMY OUTPUT LOSSES PENSION PENSION SYSTEM PENSION SYSTEMS PENSIONS POLICY DECISIONS POLICY ENVIRONMENT PORTFOLIO PORTFOLIO INVESTMENT PRICE DECLINES PRIVATE CONSUMPTION PRIVATE CREDITORS PRIVATE SECTOR CREDIT PRIVATE SECTOR DEBT PRIVATIZATION PRODUCT MARKETS PRODUCTIVITY PRODUCTIVITY GROWTH PROPERTY RIGHTS PUBLIC DEBT PUBLIC FINANCE PUBLIC FINANCES PUBLIC GOODS PUBLIC INVESTMENT PUBLIC SERVICES PUBLIC SPENDING PURCHASING POWER REAL EXCHANGE RATE REAL WAGES RECAPITALIZATION RESERVE RESERVES RETURN RETURNS RISK PROFILES RULE OF LAW SAFETY NET SOCIAL SAFETY NETS SOCIAL SERVICES SOVEREIGN BOND SOVEREIGN DEBT SOVEREIGN DEBT PROBLEMS STOCKS SUBSIDIARIES SUPERVISORY AUTHORITIES SUSTAINABLE GROWTH TAX TAXATION TELECOMMUNICATIONS TOTAL DEBT TRADE BALANCES TRADE FLOWS TRADING TRADING SYSTEM TRANSFER PAYMENTS TRANSPARENCY TRANSPORT TREATY TURNOVER UNEMPLOYMENT UNEMPLOYMENT RATE UNEMPLOYMENT RATES VALUE ADDED WAGES This study claims that despite the challenging external environment, EU11 countries did well in 2011. First, economic growth strengthened to above 3 percent (from around 2 percent in 2010) and the region fully recovered its output losses from the global financial crisis. Second, fiscal measures delivered reduction of around 3 percent of GDP in the EU11 average fiscal deficit. Third, the financial sector remained resilient to renewed concerns about negative feedback loops between insecure sovereign debtors and fragile financial markets. However, the good performance conceals important shifts in economic sentiment that occurred during the year. While the growth momentum was still strong in the first half of 2011, it slowed toward the end of the year, as the region started to feel the impact of lingering concerns about European sovereign-debt markets, creeping oil prices, and the global slowdown. With the downward trend in economic activity, labor markets remained slack. Unemployment rates hovered around those recorded in the midst of the global financial crisis with sluggish employment growth. The paper points out that the European economic growth model has delivered unprecedented welfare to the continent over the last half century. In spite of its remarkable success, several aspects of the European economic growth model require reform to ensure that it is sustainable. Among the priorities for many European states today are providing incentives for labor mobility, making public finances more sustainable, and adapting social security systems to demographic developments, and harmonizing regulation across borders. This note zeroes in on the EU11 region to explore what is driving their prosperity and growth. The main messages related to the drivers of growth and prosperity in EU11 are as follows: 1) Convergence; 2) Trade and finance; 3) Enterprise and innovation; 4) Labor; and 4) Government. 2012-12-05T00:28:42Z 2012-12-05T00:28:42Z 2012-06 http://documents.worldbank.org/curated/en/2012/06/16439134/eu11-regular-economic-report-coping-external-headwinds-special-topic-drivers-convergence-eu11 http://hdl.handle.net/10986/11896 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank Washington, DC Economic & Sector Work :: Other Poverty Study Economic & Sector Work Europe and Central Asia |