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Concept
Economy of Bosnia and Herzegovina
Summary
The economy of Bosnia and Herzegovina is a transitional, upper middle income economy. Bosnia and Herzegovina declared independence from socialist Yugoslavia on 1 March 1992. The main trading partners are Germany, Italy, Austria, Turkey and other neighboring Balkan countries.
Bosnia and Herzegovina is an upper middle-income country which has accomplished a great deal since the mid-1990s. Today, it is an EU potential candidate country and is now embarking on a new growth model amid a period of slow growth and the global financial crisis.
Bosnia and Herzegovina is a small, open economy, dominated by services, which accounted for 55% of gross domestic product (GDP) in 2016, with a moderately developed industrial and manufacturing sector (23% and 12%, respectively), and a limited agricultural base (about 6% of GDP).
The konvertibilna marka (convertible mark or BAM) - the national currency introduced in 1998 - is pegged to the euro, and confidence in the currency and the banking sector has increased. Implementation of privatization, however, has been slow, and local entities only reluctantly support national-level institutions. Banking reform accelerated in 2001 as all ; foreign banks, primarily from Western Europe, now control most of the banking sector. A sizable current account deficit and very high unemployment rate remain the two most serious economic problems. The country receives substantial amounts of reconstruction assistance and humanitarian aid from the international community but will have to prepare for an era of declining assistance.
The United States Embassy in Sarajevo, Bosnia and Herzegovina produces the Country Commercial Guide – an annual report that delivers a comprehensive look at Bosnia and Herzegovina's commercial and economic environment, using economic, political, and market analysis.
According to Serbian American economist, Branko Milanović, Bosnia and Herzegovina did the best job in the transition from socialism to capitalism when compared to the other republics of the former Yugoslavia.
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