Western Balkans Regular Economic Report No.23, Spring 2023 : Testing Resilience / World Bank Group.

Format:

Book

Author/Creator:

World Bank Group, author, issuing body.

Series:

Economic Updates and Modeling

Language:

English

Subjects (All):

Economic forecasting.

Physical Description:

1 online resource.

Other Title:

Western Balkans Regular Economic Report No.23, Spring 2023

Place of Publication:

Washington, D.C. : The World Bank, 2023.

Summary:

The six countries of the Western Balkans have seen their resilience tested over the last three years. Growth in the Western Balkan economies started strong in early 2022, before moderating toward year-end, but the impact of major shocks, such as electricity and heating outages, has been less severe than expected. Inflation surged to a two-decade high in 2022 in almost all economies, and price pressures remain elevated in early 2023. Higher food and energy prices have affected low-income households especially severely, resulting in a much slower pace of poverty reduction in 2022 despite universal government support. In the medium term, the Western Balkans continues to have a positive outlook, but reforms are needed to rebuild buffers, accelerate the green transition, and to address key structural challenges. The ongoing energy crisis has highlighted the need to accelerate the green transition across Europe, including in the Western Balkans. A key starting point in this regard is to accelerate the move toward carbon pricing and to increase the use of environmental fiscal measures that incentivize households and firms to shift toward lower carbon intensity with respect to economic activity.

Notes:

Description based on publisher supplied metadata and other sources.

Publisher Number:

10.1596/39890