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A sizable current account deficit and very high unemployment rate remain the two most serious economic problems. Banking reform accelerated in 2001 as all foreign banks, primarily from Western Europe, now control most of the banking sector. Implementation of privatization, however, has been slow, and local entities only reluctantly support national-level institutions. The konvertibilna marka (convertible mark or BAM) - the national currency introduced in 1998 - is pegged to the euro, and confidence in the currency and the banking sector has increased. īosnia and Herzegovina is a small, open economy, dominated by services, which accounted for 55% of gross domestic product (GDP) in 2016, with a moderately developed industrial and manufacturing sector (23% and 12%, respectively), and a limited agricultural base (about 6% of GDP). Today, it is an EU potential candidate country and is now embarking on a new growth model amid a period of slow growth and the global financial crisis. The main trading partners are Germany, Italy, Austria, Turkey and other neighboring Balkan countries.īosnia and Herzegovina is an upper middle-income country which has accomplished a great deal since the mid-1990s. Bosnia and Herzegovina declared independence from socialist Yugoslavia on 1 March 1992. The economy of Bosnia and Herzegovina is a transitional, upper middle income economy. All values, unless otherwise stated, are in US dollars.
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