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Prospects for Economic Development in Kosova and Regional Context

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Prospects for Economic Development in Kosova and Regional Context A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Havolli, Ymer; Mulaj, Isa; Mustafa, Isa; Mustafa, Muhamet; Sadiku, Muhamet Working Paper Prospects for Economic Development in Kosova and Regional Context wiiw Balkan Observatory Working Papers, No. 013 Provided in Cooperation with: The Vienna Institute for International Economic Studies (wiiw) - Wiener Institut für Internationale Wirtschaftsvergleiche (wiiw) Suggested Citation: Havolli, Ymer; Mulaj, Isa; Mustafa, Isa; Mustafa, Muhamet; Sadiku, Muhamet (2001) : Prospects for Economic Development in Kosova and Regional Context, wiiw Balkan Observatory Working Papers, No. 013, The Vienna Institute for International Economic Studies (wiiw), Vienna This Version is available at: http://hdl.handle.net/10419/226051 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence (especially Creative Commons Licences), you genannten Lizenz gewährten Nutzungsrechte. may exercise further usage rights as specified in the indicated licence. www.econstor.eu The wiiw Balkan Observatory December Working Papers|013| 2001 Muhamet Mustafa, Muhamet Sadiku, Isa Mustafa, Ymer Havolli and Isa Mulaj Prospects for Economic Development in Kosova and Regional Context The wiiw Balkan Observatory www.balkan-observatory.net About Shortly after the end of the Kosovo war, the last of the Yugoslav dissolution wars, the Balkan Reconstruction Observatory was set up jointly by the Hellenic Observatory, the Centre for the Study of Global Governance, both institutes at the London School of Economics (LSE), and the Vienna Institute for International Economic Studies (wiiw). A brainstorming meeting on Reconstruction and Regional Co-operation in the Balkans was held in Vouliagmeni on 8-10 July 1999, covering the issues of security, democratisation, economic reconstruction and the role of civil society. It was attended by academics and policy makers from all the countries in the region, from a number of EU countries, from the European Commission, the USA and Russia. Based on ideas and discussions generated at this meeting, a policy paper on Balkan Reconstruction and European Integration was the product of a collaborative effort by the two LSE institutes and the wiiw. The paper was presented at a follow-up meeting on Reconstruction and Integration in Southeast Europe in Vienna on 12-13 November 1999, which focused on the economic aspects of the process of reconstruction in the Balkans. It is this policy paper that became the very first Working Paper of the wiiw Balkan Observatory Working Papers series. The Working Papers are published online at www.balkan- observatory.net, the internet portal of the wiiw Balkan Observatory. It is a portal for research and communication in relation to economic developments in Southeast Europe maintained by the wiiw since 1999. Since 2000 it also serves as a forum for the Global Development Network Southeast Europe (GDN-SEE) project, which is based on an initiative by The World Bank with financial support from the Austrian Ministry of Finance and the Oesterreichische Nationalbank. The purpose of the GDN-SEE project is the creation of research networks throughout Southeast Europe in order to enhance the economic research capacity in Southeast Europe, to build new research capacities by mobilising young researchers, to promote knowledge transfer into the region, to facilitate networking between researchers within the region, and to assist in securing knowledge transfer from researchers to policy makers. The wiiw Balkan Observatory Working Papers series is one way to achieve these objectives. The wiiw Balkan Observatory Global Development Network Southeast Europe This study has been developed in the framework of research networks initiated and monitored by wiiw under the premises of the GDN–SEE partnership. The Global Development Network, initiated by The World Bank, is a global network of research and policy institutes working together to address the problems of national and regional development. It promotes the generation of local knowledge in developing and transition countries and aims at building research capacities in the different regions. The Vienna Institute for International Economic Studies is a GDN Partner Institute and acts as a hub for Southeast Europe. The GDN–wiiw partnership aims to support the enhancement of economic research capacity in Southeast Europe, to promote knowledge transfer to SEE, to facilitate networking among researchers within SEE and to assist in securing knowledge transfer from researchers to policy makers. The GDN–SEE programme is financed by the Global Development Network, the Austrian Ministry of Finance and the Jubiläumsfonds der Oesterreichischen Nationalbank. For additional information see www.balkan-observatory.net, www.wiiw.ac.at and www.gdnet.org Prospects for Economic Development in Kosova and Regional Context Prepared by: Muhamet Mustafa Muhamet Sadiku Isa Mustafa Ymer Havolli Isa Mulaj December 2001 Prospects for Economic Development in Kosova and Regional Context TABLE OF CONTENTS SUMMARY AND CONCLUSIONS 3 1. INTRODUCTION 4 2. PRESENT SITUATION 5 2.1. Achievements During Emergency Phase 6 2.2. The Level of the Economic Activity and the Present Difficulties 7 2.2.1. Private Sector 7 2.2.2. Socially Owned Enterprises 12 2.3. Selected Aspects of Social Situation 12 2.3.1. Unemployment 12 2.2.3. Poverty 13 2.4. To Date Contribution of the International Community 15 3. SUSTAINABLE ECONOMIC DEVELOPMENT STRATEGY 17 3.1. From an Aid Based Economy Towards Economic Sustainability 18 3.2. Building up of an Open Market Economy 19 3.2.1. Taxation Policy 19 3.2.2. Banking System 21 3.2.3. Legal Framework 21 3.3. Private Sector Development and Privatization 22 3.3.1. SME Financing and Development 22 3.3.2. Privatization of Socially Owned Enterprises 25 3.4. Development of the Infrastructure 26 4. KOSOVA AND REGIONAL ECONOMIC COOPERATION 28 4.1. Reform Processes and Economic Situation in SEE 28 4.2. Integration Processes and Cooperation with EU 29 4.3. Kosova’s Position in Regional Cooperation and Barriers from the Company Perspective 29 4.4. Kosova’s Trade Relations in the Region 29 4.5. New Circumstances in the Region 30 Annex 1: Basic Macroeconomic Projections 30 Annex 2: Demographic Developments in Kosova 31 2 THE VIENNA INSTITUTE FOR INTERNATIONAL ECONOMIC STUDIES - Long-term Development of South Eastern Europe – Prospects for Economic Development in Kosova and Regional Context SUMMARY AND CONCLUSIONS · The present status of the economy of Kosova with inherited development conflicts represents many limiting factors to the prospects for development. The low level of economic development (750 USD per capita GDP) and the high rate of unemployment (50-55%) illustrate the limited opportunities to Kosovars to participate reasonably in social and economic life. · The current economic situation is interrelated with the overcoming of the consequences of heavy war damages. By virtue of the swift return to Kosova of the population displaced during the war the income generating activities have regenerated and with the infusion of significant international assistance in the last two years of international administration Kosova, the economy has almost passed the emergency phase of reconstruction. A cycle of economic investment leading to a social transformation has started that is expected to bring about substantial changes. · The reduced employment opportunities and large differences in salaries depending on the sector of activity are leading to generation of largest inequalities that have social implications, in the circumstances of an undeveloped social assistance system. · The economic reforms are oriented towards building an enabling institutional environment through approval of regulatory laws that correspond to the appropriate standards for an open market economy aimed at transition in Kosova into a competitive environment for economic development. Although the international administration has carried out an intense activity for this purpose, the non-implementation of the privatization program and still a meager financial infrastructure have led to considerably low level of development opportunities for creating a more appropriate economic environment. · Due to the lack of the corresponding mechanisms, creation of legal acts and economic policies has been so far below the required level, while the opportunities for influence of the civil society were sparse for the Kosovars for participation in this process. · A sustainable economic development strategy requires emphasis on greater benefits to the Kosova’s human capital that is characterized
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