South East Europe Regular Economic Report, No. 5 : Slow Road to Recovery

The South East Europe (SEE6) region exited from recession in the first half of 2013, supported by a nascent recovery in the Euro area. Industry-especially manufacturing exports and energy drove the recovery. The region experienced a welcome surge i...

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Bibliographic Details
Main Author:	World Bank
Format:	Economic Updates and Modeling
Language:	English en_US
Published:	Washington, DC 2014
Subjects:	ACCOUNTABILITY ACCOUNTING ACCOUNTING STANDARDS AGRICULTURAL PRODUCTS ANNUAL GROWTH ARREARS ARREARS ACCUMULATION ASSET MANAGEMENT ASSET MANAGEMENT COMPANIES ASSET PRICES ASSET QUALITY BAD DEBT BALANCE SHEET BALANCE SHEETS BANK BALANCE SHEET BANK FOR INTERNATIONAL SETTLEMENTS BANK LENDING BANK OF GREECE BANK PORTFOLIOS BANK PROFITABILITY BANKING SYSTEM BANKING SYSTEMS BANKRUPTCY BASIS POINTS BID BILL BOND BOND FINANCING BOND ISSUANCES BORROWING BORROWING COSTS BROAD MONEY BUFFERS CAPITAL ADEQUACY CAPITAL FLOWS CAPITAL INFLOWS CAPITAL MARKETS CDS CENTRAL BANK CENTRAL BANKS CHAMBER OF COMMERCE CLARITY COLLATERAL COMPETITIVENESS CONSOLIDATION CONTINGENCY PLANNING CORPORATE DEBT CORPORATE INSOLVENCY CREDIT DEFAULT CREDIT DEFAULT SWAP CREDIT DEFAULT SWAPS CREDIT GROWTH CREDIT RATING CREDIT RATINGS CREDIT UNDERWRITING CREDITORS CURRENCY CURRENCY BOARD CURRENT ACCOUNT CURRENT ACCOUNT BALANCE CURRENT ACCOUNT BALANCES CURRENT ACCOUNT DEFICIT CURRENT ACCOUNT DEFICITS DEBT DEBT LEVELS DEBT RESTRUCTURING DEBT STOCK DEPOSIT DEPOSITS DEVELOPING COUNTRIES DEVELOPING COUNTRY DISINFLATION DISPUTE RESOLUTION DOMESTIC CONSUMPTION DOMESTIC CURRENCIES DOMESTIC DEMAND DURABLE ECONOMIC ACTIVITY ECONOMIC CONDITIONS ECONOMIC DEVELOPMENTS ECONOMIC GROWTH EMERGING MARKET EMERGING MARKET ECONOMIES EMPLOYMENT ENFORCEMENT PROCEDURES EQUITY MARKETS EXCHANGE ARRANGEMENTS EXPENDITURE EXPORT CAPACITY EXPORT GROWTH EXPORT PERFORMANCE EXTERNAL DEBT EXTERNAL DEFICIT EXTERNAL DEMAND EXTERNAL FINANCING EXTERNAL POSITION FACTORING FINANCIAL CRISIS FINANCIAL FLOWS FINANCIAL RESTRUCTURING FINANCIAL SYSTEM FISCAL BALANCE FISCAL BALANCES FISCAL DEFICIT FISCAL DEFICITS FISCAL DISCIPLINE FISCAL IMBALANCES FISCAL POSITIONS FLEXIBLE EXCHANGE RATES FOOD PRICE FOOD PRICES FORECLOSURE FOREIGN BANKS FOREIGN CURRENCIES FOREIGN CURRENCY FOREIGN CURRENCY EXPOSURE FOREIGN CURRENCY LENDING FOREIGN DIRECT INVESTMENT GLOBAL CAPITAL GOVERNMENT DEBT GROSS DOMESTIC PRODUCT GROWTH RATE GROWTH RATES HIGH-INCOME COUNTRIES HOUSEHOLD DEBT HOUSEHOLD INCOMES HOUSEHOLDS IMPORT IMPORT DEMAND IMPORTS INFLATION INFLATIONARY PRESSURES INFORMAL ECONOMY INTEREST RATES INTERNATIONAL BANK INTERNATIONAL MARKET INVESTMENT CLIMATE LABOR COSTS LABOR FORCE LABOR FORCE SURVEY LABOR FORCE SURVEYS LABOR MARKET LABOR MARKETS LACK OF AWARENESS LEGAL TENDER LEGISLATION LIQUIDATION LIQUIDITY LIQUIDITY RATIO LOAN LOAN PORTFOLIO LOAN QUALITY LOAN-TO-DEPOSIT RATIO LOAN-TO-DEPOSIT RATIOS LOCAL CURRENCY LONDON CLUB LONG- TERM COST MACROECONOMIC INDICATORS MACROECONOMIC STABILITY MARKET CONDITIONS MINISTRIES OF FINANCE MONETARY AGGREGATES MONETARY POLICY MONEY SUPPLY MORTGAGES NON-PERFORMING LOANS NOTARY NPL OUTPUT GAPS OUTTURNS OVERDUE LOANS PEGS PENSIONS PORTFOLIO INVESTMENTS POVERTY REDUCTION PRICE INFLATION PRIVATE CONSUMPTION PRIVATE CREDIT PRIVATE DEBT PRIVATE INVESTMENT PROBLEM LOANS PRODUCTIVITY PROFITABILITY PROPERTY RIGHTS PUBLIC DEBT PUBLIC DEBTS PUBLIC EXPENDITURE PUBLIC EXPENDITURES PUBLIC INVESTMENT REAL PROPERTY REAL SECTOR REAL WAGE GROWTH RECESSION REGULATORY AUTHORITIES REMITTANCES RESERVES RETURN RETURN ON ASSETS RISK AVERSION SHORTFALLS SLACK SLOWDOWN SOVEREIGN BOND SPARE CAPACITY STATE GUARANTEES STRUCTURAL REFORMS STRUCTURAL RIGIDITIES SUBSIDIARIES SUBSIDIARY SYSTEMIC CRISIS TARIFF BARRIERS TAX TAX ADMINISTRATION TAX COLLECTIONS TAX HIKES TAX LAWS TAXATION TECHNICAL ASSISTANCE TOTAL EXTERNAL DEBT TRADE BALANCE TRADE BALANCES TRADE FLOWS TRADE LIBERALIZATION TRADE REGIME TRADING TRANSPARENCY TRANSPORT UNCERTAINTY UNEMPLOYMENT UNEMPLOYMENT RATE UNEMPLOYMENT RATES UNION WAGES
Online Access:	http://documents.worldbank.org/curated/en/2013/12/18622772/slow-road-recovery http://hdl.handle.net/10986/17000

Description
Summary:	The South East Europe (SEE6) region exited from recession in the first half of 2013, supported by a nascent recovery in the Euro area. Industry-especially manufacturing exports and energy drove the recovery. The region experienced a welcome surge in exports in 2013, particularly car exports from Serbia. Unemployment in the region, at about 24 percent on average, began to decline in the first half of 2013 from its peak crisis levels. While employment grew in Albania, FYR Macedonia and Montenegro, it remained depressed in Serbia and Bosnia and Herzegovina. Unemployment in the region, at about 24 percent on average, began to decline in the first half of 2013 from its peak crisis levels. While employment grew in Albania, FYR Macedonia and Montenegro, it remained depressed in Serbia and Bosnia and Herzegovina. But even where employment has recovered meaningfully since 2010, the gains were not broad-based and mostly concentrated in services Near-term economic growth will be too weak to support substantial gains in employment. Weak domestic demand depressed imports in all countries but Serbia, where their rise was led by raw materials and parts used in export-oriented industries. Foreign Direct Investment (FDI) remained sluggish in SEE6, rising only by 0.7 percent of gross domestic product (GDP), but its share of financing of the current account increased. Remittances continued to be resilient overall, but the Greek crisis began to take its toll, especially on Albania. Foreign banks' deleveraging from SEE6, rising Non-Performing Loans (NPLs) and weak credit growth underpinned the need for vigorous reforms to reduce vulnerabilities in the financial sector. European banks continued to deleverage and reduced their exposure to the SEE6 region. With the aim of improving their resilience and supervisory capacity, the SEE6 countries made some progress in implementing banking reforms over the past year.

South East Europe Regular Economic Report, No. 5 : Slow Road to Recovery

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