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Economy of Bosnia and Herzegovina

Bosnia and Herzegovina faces the dual problem of rebuilding a war-torn country and introducing liberty market reforms to its economy. One legacy of the previous era is strong metal industry; under former republic premier Džemal Bijedic, and Yugoslav president Tito, metal-product industries were promoted in the republic, resulting in the development of a large share of Yugoslavia's metal products plants. Although agriculture is almost all in private hands, the republic traditionally is an exporter of food. Industry was very strong, a holdover from the Mixed economic structure of Yugoslavia. Yugoslav President Josip Broz Tito had pushed the development of metal industries, and electro-energetic sector, in the republic with the result that Bosnia and Herzegovina were a host of large numbers of industrial firms. Some of them were worked with World brand names, companies like Coca Cola, Pepsi, Marlboro, Volkswagen, SKF. Big Companies like Energoinvest, UNIS, Hidrogradnja, Vranica, RMK Zenica, TAS Sarajevo, FAMOSSarajevo, BNT Novi Travnik, have yearly income in billions of USD$ in that time. Building sector companies bringing large amounts of income in USD$. Unemployment in that time is very low. Work force is highly skilled, with highly professional, educated managers, engineers, science experts, which use western world's newest technologies in large scale areas. Before the war, yugoslav premier Ante Markovic, made some preparations for privatization, in economy, finance, and industry sectors, but war ceased development in these actions.

As of October 2012, the IMF has approved a two-year stand-by arrangement of 405.3 million euro for Bosnia. The IMF loan, approved on September 26, is designed to support Bosnia's economic programme for the next two years, ease the effects of the "external environment and address domestic structural weaknesses". Bosnia's two autonomous entities will be using the cash from the loan but will not get the whole amount at once. The IMF has enabled an initial disbursement of 60.8 million euro, saying that the rest of the money will be spread out over two years, after successful quarterly reviews.

Agricultural sector

Among this Prijedor has a fruit growing production, gardening production, crop farming production, mill and bakery industries, stock farming production, processing industries and a milk industry.

Service sector

The service sector in Prijedor is growing rapidly and this reflects in the growth of hotels, stores, roads, educational facilities and shoppings centers that are being built in the city. Making it a growing commercial hub in Bosnia and Hercegovina.

Tourism

The tourism sector has been recovering and helping the economy altogether in the process, with popular winter skiing destinations as well as summer countryside tourism. Bosnia and Herzegovina has been a top performer in recent years in terms of tourism development; tourist arrivals have grown by an average of 24% annually from 1995 to 2000.

According to an estimate of the World Tourism Organization, Bosnia and Herzegovina will have the third highest tourism growth rate in the world between 1995 and 2020.

Of particular note is the diaspora population which often returns home during the summer months, bringing in an increase in retail sales and food service industry.

This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "Economy Of Bosnia and Herzegovina"

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