News in English     | 20.11.2019. 16:47 |

European Commission concerned about continued migration of population from BiH

FENA Press release

BRUSSELS / SARAJEVO, November 20 (FENA) - BiH is in the early stage of establishing a functioning market economy and is able to cope with competitive pressure and market forces within the EU, it is stated at the 4th Subcommittee meeting on Economic and Financial Issues and Statistics held on November 19 and 20 in Brussels.

The European Commission has expressed particular concern about the continued migration of the population from BiH, which could lead to outflow of workforce from the labor market, and stressed the need for BiH to accelerate its economic development and reach standards of other countries.

In 2018, BiH achieved real GDP growth of 3.6 percent, while in 2019, due to the weakening of economic activity in the environment, there is a slowdown in economic growth. The positive trend of FDI growth of 43 percent in the first half of 2019 is observed, while in the first eight months of the year foreign trade deficit increased by about 10 percent. The EU is still a major foreign trade partner and accounts for 2/3 of BiH's total foreign trade exchange.

The European Commission assessed that BiH should accelerate and improve decision-making procedures in the country, improve business environment, as well as the efficiency and transparency of the public sector, especially public companies. BiH needs to pay special attention to the quality of education and its focus on labor market needs, as well as the quality of physical capital such as transport and energy infrastructure.  

The Commission called for sustainable political support and ownership of economic and social reforms to be ensured through the development of an action plan for the implementation of the Joint Socio-Economic Reform 2019-2022 document. The Commission also called on BiH to develop and submit an Economic Reform Program for the period 2020-2022.

The Commission called on BiH to adopt a law on deposit insurance in order to complete the establishment of a bank resolution framework in line with EU directives and to accede to the OECD Multilateral Convention on Mutual Administrative Assistance in Tax Matters by the end of the year.

In the field of statistics, BiH needs to improve cooperation and coordination between competent institutions, establish a complete and consistent system of national accounts, define NUTS 3 regions, and prepare for the next census as well as conduct agricultural census, the Directorate for European Integration stated.

(FENA) A. B.

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