Bosnia and Herzegovina: 2024 Article IV Consultation-Press Release; Staff Report

Bosnia and Herzegovina: 2024 Article IV Consultation-Press Release; Staff Report
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Volume/Issue: Volume 2024 Issue 175
Publication date: June 2024
ISBN: 9798400278723
$20.00
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Topics covered in this book

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Finance , Labor , Economics- Macroeconomics , Public Finance , BiH PFM Laws , BiH authorities , core inflation , entity governments statement , financing needs , General government operation , accounts payable , BiH firm recovery , Wage adjustments , Capital spending , Wages , Loans , Europe

Summary

Growth decelerated to 1.7 percent in 2023 from 4.2 percent in 2022 but has proven resilient despite ongoing headwinds, such as spillovers from the war in Ukraine and from the economic slowdown in Europe. Inflation has moderated from 17.4 percent in October 2022 to 6 percent, on average, in 2023, but wage pressures linger due to minimum wage increases and emigration. The fiscal balance deteriorated from a surplus of 0.9 percent in 2022 to a deficit of 1.7 percent in 2023, reflecting the accumulated impact of several permanent increases in public wages and social benefits. Progress on structural reforms remains limited, although EU accession talks appear to have sparked some reform ambition.