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Balkans: World Bank slightly cuts growth forecasts 2018-19

In 2017 190,000 new jobs created in the region, positive trend

11 April, 12:41
(ANSA) - BELGRADE, 11 APR - The World Bank has slightly reduced its growth forecasts for the Western Balkans region (Albania, Bosnia and Herzegovina, Kosovo, Macedonia, Montenegro, and Serbia) for 2018 and 2019. In the latest World Bank Regular Economic Report published today, the World Banks lowered the growth forecast for the region to 3.2 percent in 2018 and to 3.5 percent in 2019 from the 3.3 percent and 3.6 percent forecasted in a previous report in November 2017.

The report also said that that the growth of GDP in the region declined from 3.1 percent in 2016 to an estimated 2.4 percent in 2017, following a harsh winter that led to increased energy imports, and to investments lower than in the past. Even if the growth was reduced, 190,000 new jobs in the first nine months of 2017 were created in the region.

"The trend we are seeing in the region is positive, more and more people are finding jobs and wages are slowly rising upwards," said in a statement Linda Van Gelder, World Bank Regional Director for the Western Balkans. However, Van Gelder added, "growth is vulnerable to domestic and external shocks.

The more robust growth we are forecasting in the coming years is conditional on the right mix of policies and regulations to reduce vulnerability to shocks and support growth." In the report, the World Bank called for "bold structural reforms" to bolster a strong and sustainable growth and the job creation in the region. To counter vulnerabilities, the Bank suggested reforms promoting private sector development and reducing barriers to labor force participation. (ANSA).

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