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South East Europe: Regular Economic Report, June 5, 2012

Launch of the World Bank “South East Europe Regular Economic Report”

   The World Bank launched the second report of the regular series on economic developments in South Eastern Europe (SEE6: Albania, Bosnia and Herzegovina, Kosovo, FYR Macedonia, Montenegro, and Serbia). The second edition of the report covers recent economic developments, including the impact of the Euro crisis on the SEE6 countries and the appropriate polices for stability and longer term growth in the region.

   The report was presented in Skoplje on June 5, 2012, by Zeljko Bogetic, World Bank Lead Economist for the Western Balkans.

   There was a live video connection with all SEE6 World Bank country offices so that, in addition to Mr. Bogetic, World Bank Country Economists from the SEE6 was available for questions.



   After 2.6 percent growth in 2011, early indications are that South East Europe’s six (SEE6) countries are experiencing a significant slowdown to 1.0 percent growth in 2012.  Weak economic conditions in the Eurozone have exerted a drag on economic activity and government revenues in SEE6 countries.  With high levels of public debt and financing pressures, most countries have to adopt significant fiscal consolidation programs.
In the longer-term, however, SEE6 countries face a historic opportunity to take advantage of the European “convergence train”––a reduction in the long-term per capita income gap with developed EU countries.    


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