Bosnian economy

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Bosnian economy

PostPostao/la Administrator » Uto stu 25, 2014 9:32 pm Facebook Share
Bosnia and Herzegovina has been in a process of economy reforms, trying to make use of its rich resources.

Before the war, Bosnia and Herzegovina concentrated on the production of basic goods (wood, agricultural produce, iron bars) and intermediate products (parts of cars, parts of shoes, parts of furniture). Other regions of former Yugoslavia bought these intermediate products and used them to make final consumer products. Because of the war, these buyers had to find new suppliers.

Ever since the Dayton Peace Accords were signed at the end of 1995, Bosnia and Herzegovina has been in a long, slow and painful process of economic recovery. The reform process has been slow for a number of reasons. There is no tested recipe for the economic revitalisation of a place that left the world economy as part of a centrally planned country and re-emerged as a war-torn independent country in a competitive free market economy. It is simply not known what such a country should do to adapt. And yet, not all is bad.

The currency is strong, inflation is low, the country is not heavily indebted, and much of the infrastructure has by now been reconstructed. Bosnia and Herzegovina is on track to be a new member of the Europe Union. The country is focused on cutting back its bureaucracy, privatise its public companies, and attract foreign investments. Its strategic economic growth plan relies on wood processing, agriculture, tourism, steel, mining, services, textiles and construction materials. The greatest resources of Bosnia and Herzegovina are its rich, lush forests and abundant crystal clear mountain rivers. We aim to protect our natural resources and provide alternative means to sustainable growth through eco-tourism, SME development, and agriculture (particularly small scale organic agricultural).
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