Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

Connect with us

Hi, what are you looking for?

slide 3 of 2
THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

Business

Business

Western Balkan economies are robust, according to World Bank.

A participant stands near a logo of World Bank at the International Monetary Fund - World Bank Annua... A participant stands near a logo of World Bank at the International Monetary Fund - World Bank Annual Meeting 2018 in Nusa Dua, Bali, Indonesia, October 12, 2018. REUTERS/Johannes P. Christo
A participant stands near a logo of World Bank at the International Monetary Fund - World Bank Annua... A participant stands near a logo of World Bank at the International Monetary Fund - World Bank Annual Meeting 2018 in Nusa Dua, Bali, Indonesia, October 12, 2018. REUTERS/Johannes P. Christo

Listen to the article now

In its regular biannual economic report for the Western Balkans on Tuesday, the World Bank said the economies of the six nations are resilient despite GDP growth expected to decline to 2.6% in 2023 and persistent price hikes.

The bank stated Albania, Bosnia, Kosovo, Montenegro, North Macedonia, and Serbia had exceeded pre-pandemic growth levels despite Russia’s invasion of Ukraine, rising energy and food costs, unfavorable weather, and tightening financial circumstances.

Private consumption, exports, and state investment will drive development in certain countries. Still, the research said the region has to create buffers to brace for future shocks and implement supply-side reforms for more sustainable and greener growth.

“To continue weathering the storm presented by multiple economic shocks, countries can achieve high returns by pursuing reforms that boost productivity over the medium term, such as accelerating regional integration, increasing levels of market competition and attracting higher quality investments,” said Xiaoqing Yu, World Bank country director for the Western Balkans.

The bank said food inflation in the Western Balkans averaged 20% in 2022, reaching a two-decade high. Price pressures remain strong in early 2023, needing more monetary policy tightening.

Despite government energy crisis support measures, increasing costs have hurt low-income households, slowing poverty reduction.

In September 2022, employment growth peaked at 47%.

The research stated that lower external demand and reduced fiscal headroom might limit exports and remittances.


Comment Template

You May Also Like

Finance

Ukraine received $1.34 billion under the World Bank project in the finance ministry. Under the World Bank’s public expenditures for administrative capacity endurance in...

Business

On Monday, the World Bank and WTO presidents urged countries to make global services trade more open and predictable to eliminate poverty in developing...

budgeting

The World Bank reported Thursday that COVID-19 spending had put six Pacific nations in danger of debt hardship. Raising Pasifika recommended fiscal consolidation in...

Breaking News

World Bank will release improved, transparent business climate rankings. After humiliating disclosures of data discrepancies and partiality toward China caused it to discontinue the...

Notice: The Biznob uses cookies to provide necessary website functionality, improve your experience and analyze our traffic. By using our website, you agree to our Privacy Policy and our Cookie Policy.

Ok