Bosnia and Herzegovina

Economics, Political, and Trade Overview

Source: Feb 10, 2022 Economist Intelligence Unit

Bosnia and Herzegovina - In Short.

Overview of Bosnia and Herzegovina

Bosnia and Herzegovina declared sovereignty in October 1991 and independence from the former Yugoslavia on 3 March 1992 after a referendum boycotted by ethnic Serbs. The Bosnian Serbs – supported by neighboring Serbia and Montenegro – responded with armed resistance aimed at partitioning the republic along ethnic lines and joining Serb-held areas to form a “Greater Serbia.” In March 1994, Bosniaks and Croats reduced the number of warring factions from three to two by signing an agreement creating a joint Bosniak-Croat Federation of Bosnia and Herzegovina. On 21 November 1995, in Dayton, Ohio, the warring parties initialed a peace agreement that ended three years of interethnic civil strife (the final agreement was signed in Paris on 14 December 1995).The Dayton Peace Accords retained Bosnia and Herzegovina’s international boundaries and created a multiethnic and democratic government charged with conducting foreign, diplomatic, and fiscal policy. Also recognized was a second tier of government composed of two entities roughly equal in size: the predominantly Bosniak-Bosnian Croat Federation of Bosnia and Herzegovina and the predominantly Bosnian Serb-led Republika Srpska (RS). The Federation and RS governments are responsible for overseeing most government functions. Additionally, the Dayton Accords established the Office of the High Representative to oversee the implementation of the civilian aspects of the agreement. The Peace Implementation Council at its conference in Bonn in 1997 also gave the High Representative the authority to impose legislation and remove officials, the so-called “Bonn Powers.” An original NATO-led international peacekeeping force (IFOR) of 60,000 troops assembled in 1995 was succeeded over time by a smaller, NATO-led Stabilization Force (SFOR). In 2004, European Union peacekeeping troops (EUFOR) replaced SFOR. Currently, EUFOR deploys around 600 troops in theater in a security assistance and training capacity.
Value
Country Full Name
Bosnia and Herzegovina
Country Code
BIH
Region
Europe & Central Asia
Income Group
Upper middle income
Currency Unit
GDP
19946496563
Population
3280815
Land Area
51200
Net National Income Per Capita
5058.609598
GDP per Capita (PPP)
15591.63311

2020 GDP Growth Rate (Current USD)

2020 GDP Per Capita (Current USD)

2020 Urbanization Rate (%)

2020 Total Fertility Rate (Birth Per Woman)

Doing Business Score (100= Most Friendly)

Bosnia and Herzegovina - Economic

Economy of Bosnia and Herzegovina

Bosnia and Herzegovina has a transitional economy with limited market reforms. The economy relies heavily on the export of metals, energy, textiles, and furniture as well as on remittances and foreign aid. A highly decentralized government hampers economic policy coordination and reform, while excessive bureaucracy and a segmented market discourage foreign investment. The economy is among the least competitive in the region. Foreign banks, primarily from Austria and Italy, control much of the banking sector, though the largest bank is a private domestic one. The konvertibilna marka (convertible mark) – the national currency introduced in 1998 – is pegged to the euro through a currency board arrangement, which has maintained confidence in the currency and has facilitated reliable trade links with European partners. Bosnia and Herzegovina became a full member of the Central European Free Trade Agreement in September 2007. In 2016, Bosnia began a three-year IMF loan program, but it has struggled to meet the economic reform benchmarks required to receive all funding installments.Bosnia and Herzegovina’s private sector is growing slowly, but foreign investment dropped sharply after 2007 and remains low. High unemployment remains the most serious macroeconomic problem. Successful implementation of a value-added tax in 2006 provided a steady source of revenue for the government and helped rein in gray-market activity, though public perceptions of government corruption and misuse of taxpayer money has encouraged a large informal economy to persist. National-level statistics have improved over time, but a large share of economic activity remains unofficial and unrecorded.Bosnia and Herzegovina’s top economic priorities are: acceleration of integration into the EU; strengthening the fiscal system; public administration reform; World Trade Organization membership; and securing economic growth by fostering a dynamic, competitive private sector.

Unemployment Rate

Inflation Rate

Bosnia and Herzegovina - GDP Composition

GDP Composiiton & Value Added of Bosnia and Herzegovina

Last Updated: Jan, 2021, Updated For 2020.

Bosnia and Herzegovina - GDP, Value Added

Demographics of Bosnia and Herzegovina

the northern and central areas of the country are the most densely populated
Geographic Location

Southeastern Europe, bordering the Adriatic Sea and Croatia

Races

Bosniak 50.1%, Serb 30.8%, Croat 15.4%, other 2.7%, not declared/no answer 1% (2013 est.)note: Republika Srpska authorities dispute the methodology and refuse to recognize the results; Bosniak has replaced Muslim as an ethnic term in part to avoid confusion with the religious term Muslim - an adherent of Islam

Languages

Bosnian (official) 52.9%, Serbian (official) 30.8%, Croatian (official) 14.6%, other 1.6%, no answer 0.2% (2013 est.)major-language

Religion

Muslim 50.7%, Orthodox 30.7%, Roman Catholic 15.2%, atheist 0.8%, agnostic 0.3%, other 1.2%, undeclared/no answer 1.1% (2013 est.)

Dependency & Expectancy of Bosnia and Herzegovina

Last Updated: Jan, 2021

Dependency Ratio

Expectancy

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Bosnia and Herzegovina - Social Media Briefing

Bosnia and Herzegovina - Social Media & Social Commerce

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Politics & Policies of Bosnia and Herzegovina

2021 Policies Overview

Updated Coming in March 2021 after our team finish summarizing countries policy.

International Organizations

BIS, CD, CE, CEI, EAPC, EBRD, FAO, G-77, IAEA, IBRD, ICAO, ICC (NGOs), ICCt, ICRM, IDA, IFAD, IFC, IFRCS, ILO, IMF, IMO, IMSO, Interpol, IOC, IOM, IPU, ISO, ITSO, ITU, ITUC (NGOs), MIGA, MINUSMA, MONUSCO, NAM (observer), OAS (observer), OIC (observer), OIF (observer), OPCW, OSCE, PFP, SELEC, UN, UNCTAD, UNESCO, UNIDO, UNWTO, UPU, WCO, WHO, WIPO, WMO, WTO (observer)

Import of Bosnia and Herzegovina

Export of Bosnia and Herzegovina

Import Destination

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