Description: South East Europe, No. 9, Spring 2016 : Rebalancing for Stronger Growth

South East Europe, No. 9, Spring 2016 : Rebalancing for Stronger Growth

Growth in the six South East European countries (SEE6) rebounded to 2.1 percent in 2015, as investment revived. The SEE6 region is not only growing but also rebalancing to more durable sources of growth. While higher growth in 2015 brought new jobs...

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Bibliographic Details
Main Author:	World Bank Group
Language:	English en_US
Published:	World Bank, Washington, DC 2016
Subjects:	DEBT SOURCE CONTINGENT LIABILITIES BANKING REGULATION MONETARY POLICY EQUIPMENT ACCOUNTING CHECKS DEPOSITS LOCAL ECONOMY VALUATION INTEREST POST-CRISIS PERIOD PUBLIC INVESTMENTS REMITTANCE PRIVATE CREDIT GOVERNMENT REVENUES ECONOMIC DEVELOPMENTS REPAYMENTS BANKING SYSTEMS EXPORTERS REVENUES PORTFOLIO FISCAL POLICY CAPITAL ADEQUACY LOAN BORROWERS BOND FINANCING CAPITAL STOCK PENSION REFORMS AMOUNT OF CAPITAL LABOR MARKET BANK REGULATION OIL PRICES INVESTMENT SPENDING MARKET REFORMS CURRENCY EXPORT GROWTH BANK ASSETS INCOME GROWTH DOMESTIC CAPITAL JUDICIAL REFORM CAPITAL FORMATION FINANCES EXCHANGE RATES MONETARY FUND EMERGING MARKET DEBT CAPITAL MARKET MARKETS LOCAL GOVERNMENT SETTLEMENT PUBLIC FINANCE BUDGET DEFICIT CAPITAL STOCKS INVENTORY BANK POLICY CURRENT ACCOUNT DEFICITS BANKING SECTOR FISCAL DEFICIT INVESTMENT DECISIONS SUPERVISORY AUTHORITIES EMERGING MARKETS HUMAN CAPITAL TRADE BALANCES GOOD GOVERNMENT BUDGET TRANSPARENCY MARKET CONDITIONS TURNOVER FUTURE FOREIGN DIRECT INVESTMENT FIXED CAPITAL FOREIGN INVESTMENT INVESTMENT PROJECTS BANK BALANCE SHEETS ISSUANCE SHARES LOCAL CURRENCY MONETARY POLICIES DEBT RATIOS DEPOSIT MOBILIZATION PUBLIC DEBT TREASURY CREDIT RISK INSURANCE CURRENCIES GOVERNMENT DEBT GOVERNMENT POLICIES EUROBOND DOMESTIC CREDIT COMMERCIAL BANKS BANKING UNION PUBLIC FINANCES EMERGING MARKET BONDS INTEREST RATE DIFFERENTIAL PRIVATE INVESTMENTS COLLECTION PROCESSES PORTFOLIO INVESTMENT BENCHMARK YIELDS CAPITAL GROWTH CONSUMER PRICE INDEX LENDING RISK AVERSION REMITTANCES PUBLIC SPENDING LOCAL CURRENCIES FINANCIAL SYSTEMS LABOR MARKETS PAYMENT SYSTEMS COMMODITY PRICES LIABILITIES ARREARS INTERNATIONAL MARKETS FOREIGN BANK CURRENCY MISMATCHES HOUSEHOLD INCOMES LIVING STANDARDS TARIFFS DEFICIT DEPOSIT CAPITAL MARKETS BASIS POINTS GOVERNMENT EXPENDITURES NATIONAL BANKS NPL BROAD MONEY STOCK FISCAL DEFICITS FUTURES MARKET DEVELOPMENTS GOVERNMENT DEFICIT GUARANTEES PENSION SYSTEMS GOVERNMENT SPENDING EXPORT PERFORMANCE INTEREST RATE EXCHANGE LOCAL GOVERNMENTS INTERNATIONAL FINANCIAL MARKETS LIQUIDITY TAX COLLECTION ACCUMULATION OF DEBT CDS BONDS TAX MARKET DEPTH NON-PERFORMING LOANS REFERENDUM BOND YIELDS BUDGETING CENTRAL BANKS LEVEL PLAYING FIELD INFLATION INTERNATIONAL BANK PENSION BANK LENDING BUDGET CENTRAL BANK TRADE BALANCE CREDIT RATINGS GLOBAL ECONOMY LOCAL BANKS TELECOMMUNICATIONS POLICY RESPONSES PORTFOLIOS CONTRACTS INFLATIONARY PRESSURES TRADING INTEREST RATES OPTIONS FLOATING EXCHANGE RATES PRIVATE INVESTMENT EXTERNAL DEFICITS HOUSEHOLD INCOME RETURN DEFICITS CAPITAL REQUIREMENTS INTERNATIONAL DEVELOPMENT ECONOMIC POLICIES BASIS POINT DIRECT INVESTMENT LOANS TAX COLLECTIONS RESERVES FINANCIAL SYSTEM FINANCE FOREIGN CURRENCY PUBLIC INVESTMENT TAXES EXPENDITURE DEBT LEVELS BANK BORROWERS EQUITY CREDIT EXPANSION INVESTORS CONSUMER LOANS COMPLIANCE COSTS FINANCIAL CRISIS FOREIGN FINANCING PENSIONS RETURNS BUDGETS STRUCTURAL PROBLEMS CONTRACT EXPENDITURES AMORTIZATION ASSET QUALITY CAPITAL FLOWS PROPERTY CURRENT ACCOUNT DEFICIT T-BILL ACCESS TO LOANS BALANCE SHEET MARKET FOREIGN EXCHANGE TAX CREDITS GOODS INVESTOR SECURITY EQUITY MARKETS DURABLE FINANCIAL MARKET INTERNATIONAL MARKET STOCKS INVESTMENT NATIONAL BANK BOND HUMAN RESOURCES SOVEREIGN BONDS SHARE INVESTMENT CLIMATE BALANCE SHEETS COLLATERAL POVERTY INTEREST COSTS FINANCIAL MARKETS LENDING REQUIREMENTS CAPITAL INFLOWS REVENUE EXTERNAL DEBT PROFIT INVESTMENTS CREDIT GROWTH SWAPS EXCHANGE RATE PROFITS GUARANTEE NONPERFORMING LOANS EXTERNAL BORROWING CORPORATE GOVERNANCE
Online Access:	http://documents.worldbank.org/curated/en/2016/04/26255394/south-east-europe-rebalancing-stronger-growth http://hdl.handle.net/10986/24399

Description
Summary:	Growth in the six South East European countries (SEE6) rebounded to 2.1 percent in 2015, as investment revived. The SEE6 region is not only growing but also rebalancing to more durable sources of growth. While higher growth in 2015 brought new jobs in the private sector, and helped poverty reduction to resume, unemployment is still entrenched. In 2015, fiscal deficits continued to narrow in all SEE6 countries except Montenegro. With inflation at historic lows, accommodative monetary policy supported growth, and credit to the economy slowly began to grow. The near-term baseline outlook for the region is positive. Fiscal and current account deficits must decline further to support growth. Sustaining the nascent rebalancing requires unlocking the growth potential of the SEE6 economics by reversing productivity dynamics that have been deteriorating since 2008. The agenda for reducing the structural rigidities that impede growth is broad based and centered on five pillars: eliminate disincentives and barriers to formal; employment; improve the business climate and governance; reduce the size of government while improving quality of service delivery; deepen trade and financial integration; and ensure that natural resource use is sustainable.

South East Europe, No. 9, Spring 2016 : Rebalancing for Stronger Growth

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