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

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作者：

World Bank Group

来源地址：

http://hdl.handle.net/10986/24399

关键词：

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;  Report;  Rapport;  Informe; 

年份：

2016

出版地：

Washington,USA

语种：

English

摘要：

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.