South East Europe Regular Economic Report, November 2011

The recovery of global growth that started in 2010 began to weaken in 2011. During the first half the falloff was linked to the Tohoku nuclear disaster in Japan and high oil prices, but by the end of July, temporary effects from Tohoku were startin...

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Main Author:	World Bank
Format:	Report
Language:	English en_US
Published:	World Bank, Washington, DC 2017
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 BANKRUPTCY BANKRUPTCY LAW BANKRUPTCY PROCEDURE BONDS BOOST TO GROWTH BUSINESS ENVIRONMENT CADASTRE CAPITAL ADEQUACY CAPITAL ADEQUACY RATIOS CAPITAL EXPENDITURES CAPITAL INFLOWS CDS CENTRAL BANK 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 DEBT LEVELS DEBT PAPER DEBT SERVICING DEBT SERVICING COSTS DEMOGRAPHIC DEPOSIT 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 EXPORT GROWTH EXPORT MARKET EXPORT PERFORMANCE EXPOSURE EXTERNAL DEBT EXTERNAL DEFICITS EXTERNAL FINANCING FINANCES FINANCIAL CRISIS FINANCIAL MARKET FINANCIAL MARKET DEVELOPMENT FINANCIAL SECTOR FINANCIAL STABILITY FINANCING SOURCES FISCAL BURDEN FISCAL CONSOLIDATION FISCAL DEFICIT FISCAL POLICIES FISCAL POLICY FIXED EXCHANGE RATES FLEXIBLE EXCHANGE RATE FLEXIBLE EXCHANGE RATE REGIMES 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 INDIVIDUAL FIRMS INFLATION INFRASTRUCTURE INVESTMENT INSURANCE INTEREST EXPENDITURES INTEREST RATES INTERNATIONAL FINANCIAL INSTITUTIONS INTERNATIONAL FINANCIAL STATISTICS INTERNATIONAL SETTLEMENTS INVESTOR INTEREST ISSUANCE LABOR MARKET 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 EFFICIENCY MARKET PERFORMANCE MATURITY MIGRATION MINISTRIES OF FINANCE MONETARY FUND MONETARY POLICY NATIONAL BANK NON-PERFORMING LOANS NOTARY OIL PRICES OPEN ECONOMIES OUTPUT OVERSIGHT PROCESSES PENSION PENSION REFORM PENSION SYSTEMS PENSIONS POLITICAL ECONOMY PORTFOLIO PORTFOLIO FLOWS PRIVATE CREDIT PRIVATE CREDIT BUREAU PRIVATE FINANCING PRIVATIZATION PRODUCTIVITY PUBLIC DEBT PUBLIC FINANCE PUBLIC SPENDING PUBLIC-PRIVATE PARTNERSHIPS RAPID GROWTH REAL ESTATE REAL GROWTH RATES REAL SECTOR REFORM PROGRAM REGIONAL TRADE REGULATORS REMITTANCES REORGANIZATION RETIREMENT RETURN 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 SUBSIDIARY SUPERVISORY AUTHORITIES TAX TAX ADMINISTRATION TAX COMPLIANCE TAX RATE TAXATION TRACK RECORD TRADE BALANCE TRADE LIBERALIZATION TRADE RELATIONS TRANSPARENCY UNEMPLOYMENT RATE VOLATILE ENVIRONMENT WAGES
Online Access:	http://documents.worldbank.org/curated/en/281551468101065964/South-East-Europe-regular-economic-report-main-report http://hdl.handle.net/10986/26833

id	okr-10986-26833
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 ADVERSE EFFECT BALANCE OF PAYMENTS BALANCE SHEET BANK CREDIT BANK DEPOSITS BANK FOR INTERNATIONAL SETTLEMENTS BANK LENDING BANK OF GREECE BANKING SECTOR BANKING SYSTEM BANKRUPTCY BANKRUPTCY LAW BANKRUPTCY PROCEDURE BONDS BOOST TO GROWTH BUSINESS ENVIRONMENT CADASTRE CAPITAL ADEQUACY CAPITAL ADEQUACY RATIOS CAPITAL EXPENDITURES CAPITAL INFLOWS CDS CENTRAL BANK 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 DEBT LEVELS DEBT PAPER DEBT SERVICING DEBT SERVICING COSTS DEMOGRAPHIC DEPOSIT 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 EXPORT GROWTH EXPORT MARKET EXPORT PERFORMANCE EXPOSURE EXTERNAL DEBT EXTERNAL DEFICITS EXTERNAL FINANCING FINANCES FINANCIAL CRISIS FINANCIAL MARKET FINANCIAL MARKET DEVELOPMENT FINANCIAL SECTOR FINANCIAL STABILITY FINANCING SOURCES FISCAL BURDEN FISCAL CONSOLIDATION FISCAL DEFICIT FISCAL POLICIES FISCAL POLICY FIXED EXCHANGE RATES FLEXIBLE EXCHANGE RATE FLEXIBLE EXCHANGE RATE REGIMES 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 INDIVIDUAL FIRMS INFLATION INFRASTRUCTURE INVESTMENT INSURANCE INTEREST EXPENDITURES INTEREST RATES INTERNATIONAL FINANCIAL INSTITUTIONS INTERNATIONAL FINANCIAL STATISTICS INTERNATIONAL SETTLEMENTS INVESTOR INTEREST ISSUANCE LABOR MARKET 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 EFFICIENCY MARKET PERFORMANCE MATURITY MIGRATION MINISTRIES OF FINANCE MONETARY FUND MONETARY POLICY NATIONAL BANK NON-PERFORMING LOANS NOTARY OIL PRICES OPEN ECONOMIES OUTPUT OVERSIGHT PROCESSES PENSION PENSION REFORM PENSION SYSTEMS PENSIONS POLITICAL ECONOMY PORTFOLIO PORTFOLIO FLOWS PRIVATE CREDIT PRIVATE CREDIT BUREAU PRIVATE FINANCING PRIVATIZATION PRODUCTIVITY PUBLIC DEBT PUBLIC FINANCE PUBLIC SPENDING PUBLIC-PRIVATE PARTNERSHIPS RAPID GROWTH REAL ESTATE REAL GROWTH RATES REAL SECTOR REFORM PROGRAM REGIONAL TRADE REGULATORS REMITTANCES REORGANIZATION RETIREMENT RETURN 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 SUBSIDIARY SUPERVISORY AUTHORITIES TAX TAX ADMINISTRATION TAX COMPLIANCE TAX RATE TAXATION TRACK RECORD TRADE BALANCE TRADE LIBERALIZATION TRADE RELATIONS TRANSPARENCY UNEMPLOYMENT RATE VOLATILE ENVIRONMENT WAGES
spellingShingle	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 BANKRUPTCY BANKRUPTCY LAW BANKRUPTCY PROCEDURE BONDS BOOST TO GROWTH BUSINESS ENVIRONMENT CADASTRE CAPITAL ADEQUACY CAPITAL ADEQUACY RATIOS CAPITAL EXPENDITURES CAPITAL INFLOWS CDS CENTRAL BANK 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 DEBT LEVELS DEBT PAPER DEBT SERVICING DEBT SERVICING COSTS DEMOGRAPHIC DEPOSIT 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 EXPORT GROWTH EXPORT MARKET EXPORT PERFORMANCE EXPOSURE EXTERNAL DEBT EXTERNAL DEFICITS EXTERNAL FINANCING FINANCES FINANCIAL CRISIS FINANCIAL MARKET FINANCIAL MARKET DEVELOPMENT FINANCIAL SECTOR FINANCIAL STABILITY FINANCING SOURCES FISCAL BURDEN FISCAL CONSOLIDATION FISCAL DEFICIT FISCAL POLICIES FISCAL POLICY FIXED EXCHANGE RATES FLEXIBLE EXCHANGE RATE FLEXIBLE EXCHANGE RATE REGIMES 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 INDIVIDUAL FIRMS INFLATION INFRASTRUCTURE INVESTMENT INSURANCE INTEREST EXPENDITURES INTEREST RATES INTERNATIONAL FINANCIAL INSTITUTIONS INTERNATIONAL FINANCIAL STATISTICS INTERNATIONAL SETTLEMENTS INVESTOR INTEREST ISSUANCE LABOR MARKET 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 EFFICIENCY MARKET PERFORMANCE MATURITY MIGRATION MINISTRIES OF FINANCE MONETARY FUND MONETARY POLICY NATIONAL BANK NON-PERFORMING LOANS NOTARY OIL PRICES OPEN ECONOMIES OUTPUT OVERSIGHT PROCESSES PENSION PENSION REFORM PENSION SYSTEMS PENSIONS POLITICAL ECONOMY PORTFOLIO PORTFOLIO FLOWS PRIVATE CREDIT PRIVATE CREDIT BUREAU PRIVATE FINANCING PRIVATIZATION PRODUCTIVITY PUBLIC DEBT PUBLIC FINANCE PUBLIC SPENDING PUBLIC-PRIVATE PARTNERSHIPS RAPID GROWTH REAL ESTATE REAL GROWTH RATES REAL SECTOR REFORM PROGRAM REGIONAL TRADE REGULATORS REMITTANCES REORGANIZATION RETIREMENT RETURN 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 SUBSIDIARY SUPERVISORY AUTHORITIES TAX TAX ADMINISTRATION TAX COMPLIANCE TAX RATE TAXATION TRACK RECORD TRADE BALANCE TRADE LIBERALIZATION TRADE RELATIONS TRANSPARENCY UNEMPLOYMENT RATE VOLATILE ENVIRONMENT WAGES World Bank South East Europe Regular Economic Report, November 2011
geographic_facet	Europe and Central Asia Eastern Europe Albania Bosnia and Herzegovina Kosovo Macedonia, former Yugoslav Republic of Montenegro Serbia North Macedonia (Formerly the Former Yugoslav Republic of Macedonia)
description	The recovery of global growth that started in 2010 began to weaken in 2011. During the first half the falloff was linked to the Tohoku nuclear disaster in Japan and high oil prices, but by the end of July, temporary effects from Tohoku were starting to fade and global industrial production was rising. However, since August the global economy has come under increasing stress from the sovereign debt problems in Europe, anemic growth in the US, and a slowdown in China and other main emerging markets. The latest leading indicators and forecasts point to a further slowdown in growth in Europe. Meanwhile, risks remain of a double-dip recession in the US and sharper slowdown in the large emerging economies. Near term developments depend critically on factors that are largely beyond the control of governments. As this is being written, leaders of the major European Union (EU) countries are still seeking to implement a set of credible policies to establish an orderly process for managing sovereign debt in Greece, to prevent risks from spreading to other economies in the euro zone, to recapitalize banks affected by likely sovereign debt write downs, and to establish a more unified and effective fiscal framework for euro zone (EZ) states. Uncertainty over their ability to successfully conclude this process, as well a series of ratings downgrades, stock market volatility and uncertainty over US deficit policies have shaken investor and business confidence and kept consumers wary. Most forecasters have already reduced their projections for global growth in the US and the EU by a percent or more.
format	Report
author	World Bank
author_facet	World Bank
author_sort	World Bank
title	South East Europe Regular Economic Report, November 2011
title_short	South East Europe Regular Economic Report, November 2011
title_full	South East Europe Regular Economic Report, November 2011
title_fullStr	South East Europe Regular Economic Report, November 2011
title_full_unstemmed	South East Europe Regular Economic Report, November 2011
title_sort	south east europe regular economic report, november 2011
publisher	World Bank, Washington, DC
publishDate	2017
url	http://documents.worldbank.org/curated/en/281551468101065964/South-East-Europe-regular-economic-report-main-report http://hdl.handle.net/10986/26833
_version_	1764462585253462016
spelling	okr-10986-268332021-04-23T14:04:37Z South East Europe Regular Economic Report, November 2011 World Bank 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 BANKRUPTCY BANKRUPTCY LAW BANKRUPTCY PROCEDURE BONDS BOOST TO GROWTH BUSINESS ENVIRONMENT CADASTRE CAPITAL ADEQUACY CAPITAL ADEQUACY RATIOS CAPITAL EXPENDITURES CAPITAL INFLOWS CDS CENTRAL BANK 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 DEBT LEVELS DEBT PAPER DEBT SERVICING DEBT SERVICING COSTS DEMOGRAPHIC DEPOSIT 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 EXPORT GROWTH EXPORT MARKET EXPORT PERFORMANCE EXPOSURE EXTERNAL DEBT EXTERNAL DEFICITS EXTERNAL FINANCING FINANCES FINANCIAL CRISIS FINANCIAL MARKET FINANCIAL MARKET DEVELOPMENT FINANCIAL SECTOR FINANCIAL STABILITY FINANCING SOURCES FISCAL BURDEN FISCAL CONSOLIDATION FISCAL DEFICIT FISCAL POLICIES FISCAL POLICY FIXED EXCHANGE RATES FLEXIBLE EXCHANGE RATE FLEXIBLE EXCHANGE RATE REGIMES 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 INDIVIDUAL FIRMS INFLATION INFRASTRUCTURE INVESTMENT INSURANCE INTEREST EXPENDITURES INTEREST RATES INTERNATIONAL FINANCIAL INSTITUTIONS INTERNATIONAL FINANCIAL STATISTICS INTERNATIONAL SETTLEMENTS INVESTOR INTEREST ISSUANCE LABOR MARKET 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 EFFICIENCY MARKET PERFORMANCE MATURITY MIGRATION MINISTRIES OF FINANCE MONETARY FUND MONETARY POLICY NATIONAL BANK NON-PERFORMING LOANS NOTARY OIL PRICES OPEN ECONOMIES OUTPUT OVERSIGHT PROCESSES PENSION PENSION REFORM PENSION SYSTEMS PENSIONS POLITICAL ECONOMY PORTFOLIO PORTFOLIO FLOWS PRIVATE CREDIT PRIVATE CREDIT BUREAU PRIVATE FINANCING PRIVATIZATION PRODUCTIVITY PUBLIC DEBT PUBLIC FINANCE PUBLIC SPENDING PUBLIC-PRIVATE PARTNERSHIPS RAPID GROWTH REAL ESTATE REAL GROWTH RATES REAL SECTOR REFORM PROGRAM REGIONAL TRADE REGULATORS REMITTANCES REORGANIZATION RETIREMENT RETURN 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 SUBSIDIARY SUPERVISORY AUTHORITIES TAX TAX ADMINISTRATION TAX COMPLIANCE TAX RATE TAXATION TRACK RECORD TRADE BALANCE TRADE LIBERALIZATION TRADE RELATIONS TRANSPARENCY UNEMPLOYMENT RATE VOLATILE ENVIRONMENT WAGES The recovery of global growth that started in 2010 began to weaken in 2011. During the first half the falloff was linked to the Tohoku nuclear disaster in Japan and high oil prices, but by the end of July, temporary effects from Tohoku were starting to fade and global industrial production was rising. However, since August the global economy has come under increasing stress from the sovereign debt problems in Europe, anemic growth in the US, and a slowdown in China and other main emerging markets. The latest leading indicators and forecasts point to a further slowdown in growth in Europe. Meanwhile, risks remain of a double-dip recession in the US and sharper slowdown in the large emerging economies. Near term developments depend critically on factors that are largely beyond the control of governments. As this is being written, leaders of the major European Union (EU) countries are still seeking to implement a set of credible policies to establish an orderly process for managing sovereign debt in Greece, to prevent risks from spreading to other economies in the euro zone, to recapitalize banks affected by likely sovereign debt write downs, and to establish a more unified and effective fiscal framework for euro zone (EZ) states. Uncertainty over their ability to successfully conclude this process, as well a series of ratings downgrades, stock market volatility and uncertainty over US deficit policies have shaken investor and business confidence and kept consumers wary. Most forecasters have already reduced their projections for global growth in the US and the EU by a percent or more. 2017-06-01T21:20:55Z 2017-06-01T21:20:55Z 2011-11-15 Report http://documents.worldbank.org/curated/en/281551468101065964/South-East-Europe-regular-economic-report-main-report http://hdl.handle.net/10986/26833 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Washington, DC Economic & Sector Work :: Economic Updates and Modeling Economic & Sector Work Europe and Central Asia Eastern Europe Albania Bosnia and Herzegovina Kosovo Macedonia, former Yugoslav Republic of Montenegro Serbia North Macedonia (Formerly the Former Yugoslav Republic of Macedonia)

South East Europe Regular Economic Report, November 2011

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