Overview of economic events in 2012

December 31, 2012 12:55 PM

In the new report of the World Bank ”Southeast Europe: Regular Economic Report no. 3” said that BiH will have modest economic growth of 0.5%, which better than in 2012 (0%).

As an advantage in the comparison to countries of the region the report stated that the BiH has a defined macro-economic plan up to 2014 which will ensure the macro-stability, and also that BiH has smaller external debt and more stable banking sector.

It was also noted the BiH needs to work on the reform of public policy more intensely in order to reduce the public debt and to speed up structural reforms, especially in the field of public management, investments and labour markets.

It mean that BiH will have to keep up its fiscal disciple and improve the coordination of fiscal policy and implement measure for reducing the burden of private sector with the aim of creating new jobs.

In this year, BiH withdrew two tranches of the International Monetary Fund (IMF), as part of the arrangement that was agreed last summer.

In September, on account of the Central Bank of BiH first tranche of 118.9 million BAM was deposited, while the second tranche of around 120 million KM was deposited in December, because BiH has fulfilled all the conditions of the IMF.

The authorities in BiH have made good progress in terms of implementing measures from the arrangement with the IMF, with which both parties were satisfied.

One of the more positive economic events in BiH in 2012 was the signing of the WTO bilateral market access agreement between BiH and the EU under the WTO accession process of BiH.

The signing of this important document also includes completion of negotiations with 27 member states of the World Trade Organization, and their continued support to BiH’s road to eventual membership in this organization.

This act made a decisive step towards the membership of BiH in the WTO, and the signing of the agreement was also recognition to BiH and to its negotiating team from the Ministry of Foreign Trade and Economic Relations.

In May 2012th was organized third Sarajevo Business Forum (SBF), the largest regional investment conference.

In May 2012, the largest regional investment conference – 3rd Sarajevo Business Forum (SBF) was organised with 650 participants, 350 foreign and 250 domestic and 100 dignitaries.

This year BiH made a large book of project with 137 new ideas.

In 2012, BiH marked with significant steps towards accelerating the process of road linking BiH with the rest of Europe and recently the manager of Autoceste FBIH Ensad Karić and president of Cengiz Insaat Sanay ve Ticaret a.s. Kemal Unluer signed a contract of constructing the subsection of Corridor 5C Vlakovo-Lepenica worth 350 million BAM with VAT, which is the largest investment in the construction of the Corridor so far.

The length of this subsection is 10.1 kilometres, and it will be built in 20 months.

Turkish company will realize this project in cooperation with seven companies from BiH and they signed a Partnership Agreement entrusting BiH companies with 200 million BAM.

The construction of this subsection will make travel shorter for the BiH citizens and also to tourists going to sea, and in that way it will improve the development of BiH.

Citizens and economy of RS put high hopes in the construction of r of the ”South Stream”.

its beginning is a definitive confirmation of the project that will be beneficial to all the countries through which it passes, and even to RS, which will get access to two billion cubic meters of gas per year.

The construction of subsection of ”South Stream” in RS should start by the end of 2013, because the project is very large and a series of preparations must be made.

The subsection of ”South Stream” will enter RS in Bijeljina, and will go through Posavina, Banja Luka and it will end in Novi Grad.

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