{"id":237503,"date":"2006-02-21T17:37:00","date_gmt":"2006-02-21T17:37:00","guid":{"rendered":"http:\/\/new.moldova.org\/2006\/02\/21\/economy-continues-to-expand-with-slow-pace-of-reforms-world-bank-9813-eng\/"},"modified":"2006-02-21T17:37:00","modified_gmt":"2006-02-21T17:37:00","slug":"economy-continues-to-expand-with-slow-pace-of-reforms-world-bank-9813-eng","status":"publish","type":"post","link":"https:\/\/www.moldova.org\/en\/economy-continues-to-expand-with-slow-pace-of-reforms-world-bank-9813-eng\/","title":{"rendered":"Economy Continues To Expand With Slow Pace Of Reforms: World Bank"},"content":{"rendered":"Reading Time: <\/span> 2<\/span> minutes<\/span><\/span>

The economy of Bosnia-Herzegovina continued to expand strongly last year, albeit at a slower pace than in 2004, as progress on structural reforms slowed, according to the first World Bank Economic Trends and Analysis Newsletter for the southeast European country, reports HINA (Croatia). <\/p>\n

The World Bank’s office in Sarajevo issued a press release on Monday saying that the economic indicators for Bosnia showed the economy’s robust expansion in 2005, but the pace of economic growth was slower because of slower progress on structural reforms and higher international prices for oil and natural gas. The report also states that while inflation in 2005 rose moderately due to increases in excise taxes and higher import oil prices, it remained near industrial country levels. <\/p>\n

Reuters meanwhile writes the World Bank warned Bosnia on Monday that if it proceeds with its proposed 2006 budget it would break its agreement with the Bank and increase its high current account deficit. Bosnia’s central institutions and its two autonomous regions, the Muslim-Croat Federation and the Serb Republic, planned to increase their 2006 budget spending despite warnings from the International Monetary Fund (IMF). The two regions, which have been operating on temporary budgets, have yet to pass budgets for 2006. The IMF has blocked a new $50 million stand-by loan to Bosnia over the authorities’ failure to pass the 2006 budget by December 31 and also warned that proposed budgets do not meet a consolidated surplus target of 1.5 percent of GDP. The increase in spending would also prevent a reduction in the government’s burden on the economy, the Bank said. <\/p>\n

SeeNews (Bulgaria) notes the Bank said that slower structural reform implementation also made little contribution to improving corporate profitability and dealing with Bosnia’s external imbalances. According to the report, growth in industrial production has slowed to 10 percent last year, from 12 percent in 2004, as slower expansion in the Muslim-Croat Federation more than offset a stronger increase in the Serb Republic. In addition, the cost of living indices rose by 2 percent last year, twice as fast as in 2004. Bosnia does not use the more precise consumer price index (CPI) to measure inflation but plans to introduce it this year. <\/p>\n

The agency also notes that foreign trade developments deteriorated, especially late in the year, and are likely to have resulted in a widening of the current account deficit, the World Bank said. Bosnia’s current account deficit was 3.02 billion marka ($1.843 billion) at the end of 2004, or some 23.3 percent of the country’s GDP, according to the latest full-year data available published by the central bank. The current account deficit rose to a preliminary 867.9 million marka in the third quarter of 2005, from 844.5 million in the same period the previous year. \/\/ World Bank<\/p>\n","protected":false},"excerpt":{"rendered":"

Reading Time: <\/span> 2<\/span> minutes<\/span><\/span>The economy of Bosnia-Herzegovina continued to expand strongly last year, albeit at a slower pace than in 2004, as progress on structural reforms slowed, according to the first World Bank Economic Tre<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-237503","post","type-post","status-publish","format-standard","hentry","category-economy"],"content_social_share":"Reading Time: <\/span> 2<\/span> minutes<\/span><\/span>

The economy of Bosnia-Herzegovina continued to expand strongly last year, albeit at a slower pace than in 2004, as progress on structural reforms slowed, according to the first World Bank Economic Trends and Analysis Newsletter for the southeast European country, reports HINA (Croatia). <\/p>\n

The World Bank’s office in Sarajevo issued a press release on Monday saying that the economic indicators for Bosnia showed the economy’s robust expansion in 2005, but the pace of economic growth was slower because of slower progress on structural reforms and higher international prices for oil and natural gas. The report also states that while inflation in 2005 rose moderately due to increases in excise taxes and higher import oil prices, it remained near industrial country levels. <\/p>\n

Reuters meanwhile writes the World Bank warned Bosnia on Monday that if it proceeds with its proposed 2006 budget it would break its agreement with the Bank and increase its high current account deficit. Bosnia’s central institutions and its two autonomous regions, the Muslim-Croat Federation and the Serb Republic, planned to increase their 2006 budget spending despite warnings from the International Monetary Fund (IMF). The two regions, which have been operating on temporary budgets, have yet to pass budgets for 2006. The IMF has blocked a new $50 million stand-by loan to Bosnia over the authorities’ failure to pass the 2006 budget by December 31 and also warned that proposed budgets do not meet a consolidated surplus target of 1.5 percent of GDP. The increase in spending would also prevent a reduction in the government’s burden on the economy, the Bank said. <\/p>\n

SeeNews (Bulgaria) notes the Bank said that slower structural reform implementation also made little contribution to improving corporate profitability and dealing with Bosnia’s external imbalances. According to the report, growth in industrial production has slowed to 10 percent last year, from 12 percent in 2004, as slower expansion in the Muslim-Croat Federation more than offset a stronger increase in the Serb Republic. In addition, the cost of living indices rose by 2 percent last year, twice as fast as in 2004. Bosnia does not use the more precise consumer price index (CPI) to measure inflation but plans to introduce it this year. <\/p>\n

The agency also notes that foreign trade developments deteriorated, especially late in the year, and are likely to have resulted in a widening of the current account deficit, the World Bank said. Bosnia’s current account deficit was 3.02 billion marka ($1.843 billion) at the end of 2004, or some 23.3 percent of the country’s GDP, according to the latest full-year data available published by the central bank. The current account deficit rose to a preliminary 867.9 million marka in the third quarter of 2005, from 844.5 million in the same period the previous year. \/\/ World Bank<\/p>\n

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