Western Balkans’ Economic Growth to Pick Up in 2024, Albeit Slowly And Unevenly | Beta Briefing

Western Balkans’ Economic Growth to Pick Up in 2024, Albeit Slowly And Unevenly

Source: Beta
Archive / News | 19.10.23 | access_time 18:18

Italy and the Balkans (Photo: PrintScreen YouTube)

 The World Bank (WB) announced on Oct. 19 that, after the slowing down in 2023, a moderate acceleration of economic growth was expected in the Western Balkans to 3 percent in 2024 in conditions of further recovery in the European Union, the region’s main trade partner, while lower inflation should contribute to a rise in available income and support spending.

The region’s growth rate in 2024 will be faster than in 2023, but could be lower by 0.1 percent than what the World Bank predicted in the previous, April issue of the report, it was stated during the presentation of the WB’s Regular Economic Report.

The growth projection for 2025 remained the same at 3.5 percent. Still, it was pointed out that there could be differences among the countries in the rate of recovery and return to the pre-pandemic level.

Growth in Montenegro and Albania was stronger than expected thanks to, among other things, a successful tourist season, and it could be somewhat slower in 2024. According to predictions, growth in 2024 will accelerate in Serbia, North Macedonia, Bosnia and Herzegovina and Kosovo, thanks to increased spending and investment.

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