(ANSA) - TRIESTE - The May 2014 floods have cost Bosnia and Herzegovina around 15% of GDP, while the damage and lost outputs amount to 4.7% of GDP in Serbia, according to the World Bank's South East Europe Regular Economic Report. Devastating flooding brought the economy of South East Europe to a standstill in 2014, with growth of only 0.2%.

Amongst the region's countries, Macedonia (3.3%) and Albania (2.1%) are the only ones to have shown signs of robust recovery, primarily thanks to the growth of export. Serbia is estimated to have contracted in 2014 for a third time since the global crisis (-2%), and Bosnia and Herzegovina is stagnating with 0.4%.

Economic growth rates in Kosovo (2.5%) and Montenegro (1.5%) are estimated to have moderated in 2014. According to the report, the region is expected to recover modestly in 2015, with growth expected to average at 1.3%. While a weak recovery is likely in Bosnia and Herzegovina (1.5%) and Serbia (-0.5%), the rest of the region is expected to grow by over 3 percent in 2015, reaching 3.8 percent in Macedonia, 3.4% in Montenegro and 3% in Albania and Kosovo. (ANSA).