1.85 million
Population. Ranked 150th in 2013.
$3,453.10
GDP per capita. Ranked 109th in 2012.
2
Kosovo is categorized as a landlocked nation in the Balkan region. Kosovo was part of Serbia until the country seceded from the latter in 2008. The economy of Kosovo was transformed controlled economy (centralist) to a free market model. At present, economic officials are studying closely how to increase competition together with export capacity to bring down trade deficit figures.
Kosovo offers distinct advantages such as its young and competent population, rich natural resources, good climate, and new infrastructure. More so, fiscal policy boasts of the lowest taxation scheme in the peninsula. The country has a strategic position. It has complete access to the regional Central European Free Trade Agreement market and the European Union. In short, it has the right to get heard and be involved in EU-related matters. Kosovo belongs to the IMF, World Bank and CEFTA. It hopes to be part of the World Trade Organization as well as the European Bank for Reconstruction and Development. http://www.mfa-ks.net/?page=2,119
Kosovo officials are concentrating more on political agenda which may be the reason why it is not dealing with economic woes properly. Significant foreign direct investment has not taken place fully in Kosovo amid allegations of dishonesty in government. This should have been an impetus for economic development. A number of higher-ranking government officials have already been probed for these allegations. Economic thinkers suppose that Kosovo's economy must grow by eight percent annually to open up additional employment opportunities particularly for young workers. This should solve the unemployment dilemma.
Kosovo seems to be in a regression. It struggles to maintain growth of roughly three percent. In other words, Kosovo has not yet fully recovered from its 1998-99 status and has not been successful in building a production-based economy that can employ most of its citizens since declaring independence. Alternatively, the World Bank asserts that just like other economic systems in the Western Balkan zone, speedy recuperation is not prone to happen without improvements in public sector ascendancy, the labor sector, plus overall investment climate.
Posted on 25 May 2014
jaacosta47
423 Stat enthusiast
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