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specificities of regional development are seen in different functional orientation of
regions, maintained by social-economic structure of employed population (Vresk,
1981 , p 203).
15.5 Conclusion
Transition, respectively the processes of economy and society restructuring in
Bosnia and Herzegovina, in general, are ongoing very intensely, but also under
significantly deteriorated and special conditions. Standard package of transition,
applied more or less in most of the post-communist countries, was completed by
the World Bank and the International Monetary Fund, in accordance with princi-
ples of neoclassical economic ideology. With transition from the post-communist to
the market system, Bosnia and Herzegovina uses its substantial natural-geographic,
traffic, as well as demographic advantages. However, these processes were signif-
icantly slowed down and made difficult by the Balkans war crisis from 1991 to
1995. The beginning of reforms of socialist economy in Bosnia and Herzegovina
has started by establishing of macro-economic stabilisation, which was positioned
as a strategic precondition for further reforms. It anticipated the problems of infla-
tion, on which IMF particularly insisted and introduced a set of monetary financial
measures: restrictive monetary politics, convertibility of currency, financial disci-
pline and firm budgetary restraints. In period 1996-2000, high economic growth
rates were achieved, which in certain years exceeded 20%. However, due to socio-
economic structure, dominated by industry and mining and undeveloped primary
sector, such rates were not sustainable in a long term. Since 2000, transition pro-
cess of Bosnia and Herzegovina has been accelerated, mostly because of monetary
stabilisation (low inflation, stable currency and low external public debt), price
liberalisation and reforms of financial system. In 2007, economic development of
Bosnia and Herzegovina increased, in real conditions, by 6.2%, which is the high-
est increase in GDP in the past 5 years, while its average growth rate in this period
was 5.2%, in Bulgaria 5.6%, in Serbia 5.5%, in Romania 5.2%, in Albania 5.0%, in
Croatia 4.6%, in Macedonia 4.0% and in Montenegro 4.0%.
References
Cerne A (2005) Regionalne razlike in regionalno planiranje v Ljubljana. Dela 24:24-35
Nurkovic R (2004) Vpliv industrije na degradacijo okolja v Tuzlanski kotlini. Geografski obzornik
letnik 52 številka 2. Zveza geografskih društev Slovenije, str. 14-19
Statistical yearbook of Bosnia and Herzegovina for 1961-2007. Republic agency for statistic,
Sarajevo
Vresk M (1981) Urbana geografija. Školska knjiga, Zagreb
Vrišer I (1981) Razmestitev industrije u Jugoslaviji. Geographica Slovenica 12, Ljubljana, str. 5-38
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