| Economy - Bosnia and Herzegovina | | | | | |
Next to Macedonia, Bosnia and Herzegovina was the poorest republic in the old Yugoslav Federation. For the most part, agriculture has been in private hands, but farms have been small and inefficient, and food has traditionally been a net import for the country. Industry still is greatly overstaffed, reflecting the legacy of the centrally-planned economy. Under Tito, military industries were pushed in the republic; Bosnia hosted a large share of Yugoslavia's defense plants. Three years of interethnic strife destroyed the economy and infrastructure in Bosnia, caused the death of about 200,000 people, and displaced half of the population. Considerable progress has been made since peace was reestablished. Due to Bosnia and Herzegovina's strict currency board regime, which links the Konvertibilna Marka (BAM) to the Euro, inflation has remained low. However, growth has been uneven, with the Federation outpacing the Republika Srpska. Bosnia and Herzegovina's most immediate task remains economic revitalization. In order to do this fully, the environment must be conducive to a private sector, market-led economy. Privatization has been slow, and unemployment remains high. Restructuring of BiHís domestic debt (estimated at over 2000% of GDP) is imperative. Bosnia and Herzegovina also faces the challenge of implementing a significantly new tax reform, by introduction of a Value-Added Tax (VAT) in 2006. BiHís top economic priorities are: acceleration of EU integration by concluding a Stabilization and Association Agreement (SAA); strengthening the fiscal system; public administration reform; World Trade Organization (WTO) membership; and securing economic growth by fostering a dynamic, competitive private sector. To date, work on these priorities has been inconsistent and not in line with milestones. The country has received a substantial amount of foreign assistance but must prepare for declining assistance flows in the future. |
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This page was last updated on 9 February, 2012 |
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