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International Monetary Fund. European Dept.
Kontekst: U 2023. godini došlo je do usporavanja ekonomskog rasta, koji je, poslije vrijednosti od 4,2 posto, zabilježene u 2022. godini, u 2023. godini dostigao vrijednost od 1,7 posto, ali se pokazao otpornim uprkos prisutnim negativnim utjecajima, kao što su negativni efekti rata u Ukrajini i usporavanja ekonomskog rasta u Europi. Inflacija se, poslije vrijednosti od 17,4 posto zabilježene u oktobru/listopadu 2022. godine, u 2023. godini kretala po umjerenoj prosječnoj stopi od 6 posto, ali pritisci izazvani povećanjem plata ne prestaju usljed povećanja minimalne plate i trenda iseljavanja stanovništva. Fiskalni bilans se pogoršao i, poslije suficita od 0,9 posto iz 2022. godine, u 2023. godini je zabilježio deficit od 1,7 posto, što je odraz akumuliranog učinka nekoliko trajnih povećanja plata u javnom sektoru i socijalnih davanja. Napredak u provedbi strukturalnih reformi i dalje je ograničen, iako se čini da su pregovori o pristupanju EU donekle potaknuli ambicije za provedbu reformi.
International Monetary Fund. European Dept.
The 2024 Article IV Consultation with Bosnia and Herzegovina discusses that growth has proven resilient despite the continued fallout from the war in Ukraine. Uncertainty around the outlook is high and downside risks outweigh, including an abrupt slowdown in Europe, increased commodity price volatility, and rising domestic political tensions. On the other hand, progress on the European Union accession path could provide a reform boost, with positive spillovers. Financial sector risks should continue to be closely monitored and crisis preparedness enhanced. Bank asset classifications and loan-loss provisions should accurately reflect credit risks and losses. Temporary measures that aim to contain increases in lending rates should be allowed to lapse this year as scheduled. Transitioning to green energy and preparing for the introduction of EU carbon pricing require immediate action. The authorities should introduce carbon pricing as soon as possible. Reforms to improve governance protect financial integrity, fight corruption, and step up digitalization should be accelerated to boost growth. The oversight, transparency, and operations of public enterprises should be improved, weaknesses in public procurement addressed, and public investment management strengthened.
International Monetary Fund. European Dept.
This Selected Issues paper provides an overview of interest rate dynamics in Bosnia and Herzegovina (BiH) in relation to global and euro area trends following the recent cycle of monetary tightening. It analyzes the impact of interest rate dynamics on capital allocation both domestically and externally, with a focus on capital outflows. It concludes that the wider spread between domestic interest rates and euro area short-term rates has been associated with capital outflows of around KM 1.7 billion since the European Central Bank started tightening monetary policy in July 2022, mostly in the form of money market placements in the euro area. It also shows that the compression of local interest rates and the few alternative investment opportunities in a limited market appear to have resulted in households and firms placing most of their funds in short-term deposits, making bank funding less stable than under a longer maturity structure. It notes that this lack of investment opportunities may lead to crowding into the real estate sector, with possible implications for financial stability in the long term.
International Monetary Fund. European Dept.
Kontekst: Nakon snažnog post-pandemijskog oporavka tokom 2021. godine, ekonomski rast se nastavio po umjerenoj stopi od 3,9 posto tokom 2022. godine (nakon 7,4 posto u 2021. godini), dok se Bosna i Hercegovina (BiH) suočavala sa negativnim udarima po pitanju cijena hrane i energije, ekonomskim usporavanjem u Evropi i kontinuiranim političkim tenzijama na domaćem planu. Inflacija je u padu nakon što je u oktobru/listopadu dostigla svoj najviši ikada zabilježeni nivo od 17,4 posto, ali je i dalje visoka. Većina strukturalnih reformi je još uvijek na čekanju a status kandidata za članstvo u EU, koji je BiH dobila u decembru/prosincu 2022. godine, još nije doveo do zamaha.