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Bosnia and Herzegovina - Economy | | Bosnia and Herzegovina - Economy: Encyclopedia II - Bosnia and Herzegovina - Economy | | Main article: Economy of Bosnia and Herzegovina
For the most part, agriculture has been in private hands, but farms have been small and inefficient, and food has traditionally been a net import for the republic. The centrally planned economy has resulted in some legacies in the economy. Industry is greatly overstaffed, reflecting the rigidity of the planned economy. Under Josip Broz Tito, military industries were pushed in the republic; Bosnia hosted a large share of Yugoslavia's defense plants. Two major export companies in former Yugoslavia had theirs headquarters in th ...
See also:Bosnia and Herzegovina, Bosnia and Herzegovina - Etymology, Bosnia and Herzegovina - History, Bosnia and Herzegovina - Pre-Slavic period, Bosnia and Herzegovina - Medieval Bosnia, Bosnia and Herzegovina - Ottoman era, Bosnia and Herzegovina - Austrio-Hungarian rule, Bosnia and Herzegovina - The first Yugoslavia, Bosnia and Herzegovina - World War II, Bosnia and Herzegovina - Socialist Yugoslavia, Bosnia and Herzegovina - The Bosnian war, Bosnia and Herzegovina - Politics, Bosnia and Herzegovina - Subdivisions, Bosnia and Herzegovina - Geography, Bosnia and Herzegovina - Economy, Bosnia and Herzegovina - Demographics, Bosnia and Herzegovina - Education, Bosnia and Herzegovina - Culture, Bosnia and Herzegovina - Gallery | | | Bosnia and Herzegovina, Bosnia and Herzegovina - Austrio-Hungarian rule, Bosnia and Herzegovina - Culture, Bosnia and Herzegovina - Demographics, Bosnia and Herzegovina - Economy, Bosnia and Herzegovina - Education, Bosnia and Herzegovina - Etymology, Bosnia and Herzegovina - Gallery, Bosnia and Herzegovina - Geography, Bosnia and Herzegovina - History, Bosnia and Herzegovina - Medieval Bosnia, Bosnia and Herzegovina - Ottoman era, Bosnia and Herzegovina - Politics, Bosnia and Herzegovina - Pre-Slavic period, Bosnia and Herzegovina - Socialist Yugoslavia, Bosnia and Herzegovina - Subdivisions, Bosnia and Herzegovina - The Bosnian war, Bosnia and Herzegovina - The first Yugoslavia, Bosnia and Herzegovina - World War II, Communications of Bosnia and Herzegovina, Council of Scout Associations in Bosnia and Herzegovina, Foreign relations of Bosnia and Herzegovina, History of Bosnia and Herzegovina, Demographic history of Bosnia and Herzegovina, Military of Bosnia and Herzegovina, Air Srpska, Air Bosna | | |
| | | Bosnia and Herzegovina: Encyclopedia II - Bosnia and Herzegovina - Economy
Bosnia and Herzegovina - Economy
Main article: Economy of Bosnia and Herzegovina
For the most part, agriculture has been in private hands, but farms have been small and inefficient, and food has traditionally been a net import for the republic. The centrally planned economy has resulted in some legacies in the economy. Industry is greatly overstaffed, reflecting the rigidity of the planned economy. Under Josip Broz Tito, military industries were pushed in the republic; Bosnia hosted a large share of Yugoslavia's defense plants. Two major export companies in former Yugoslavia had theirs headquarters in the capital Sarajevo; UNIS holding and Energoinvest.
During times of the former Yugoslavia, Bosnia and Herzegovina financed many large construction projects in former Yugoslavia and in other former Yugoslav republics. An example of this was the Bratstvo i jedinstvo highway, which linked Ljubljana (Slovenia) - Zagreb (Croatia) - Belgrade (Serbia) - Skoplje (Macedonia). Even though Bosnia did not have anything to gain from this investment, as not a single kilometer of the highway went through Bosnia and Herzegovina. Further projects, such as the construction of the so-called town of New Belgrade (Serbia), Kosovo financing, and railway tracks near Belgrade - Bar in Serbia and Montenegro. This was due to the fact that the economy of the time was communist; with directives instead of a free economy like that in the West. In 1984, the capital, Sarajevo, was the host of the XIV Winter Olympic Games. A notable fact was that the games were the first 'profitable' games in terms of retrieving investment via profits.
Three years of war destroyed a large part of the economy and infrastructure in Bosnia and Herzegovina, causing unemployment to soar and production to fall. The war caused a death toll of approximately 102,000 people based on current information from researchers at the International Criminal Tribunal for the former Yugoslavia (ICTY) at The Hague. Furthermore, it displaced half of the population. Other sources place the figure between 150,000 - 278,000. With an uneasy peace in place (under the Dayton Accord), the economy has started to slowly recover, but the GDP remains below the 1990 level. Today Bosnia and Herzegovina has one of the best banking sectors in former Yugoslavia. The currency Konvertibilna marka KM or Bosnian Mark BAM, fixed to the euro (1:0.51) is also very stable.
Yearly inflation is the lowest compared to other countries which were a part of former Yugoslavia. The inflation rate was 1.9% in 2004[4], and international debt was approx. $2 billion; making it the smallest amount of debt owed from the former Yugoslav countries (Serbia and Montenegro's international debt is $15.2 billion). Real GDP growth rate is 5.0% for 2004 according to the Bosnian Central Bank of BiH and Statistical Office of Bosnia and Herzegovina.
Top Foreign company investors in Bosnia and Herzegovina (1994-2004)[5]:
LNM Holding / KCIC Holland Antilles / Kuwait / Metal processing Hypo Alpe Adria Bank / Austria / Banking Unicredito / Transmadrid Italia / Spain / Banking Petrol / Slovenia / Trade Coca Cola Beverages Holdings / Holland / Food industry Deutsche Telekom / Germany / Telecommunication Heidelberger Zement / Germany / Construction materials Dubai I.B., A.I.B. and Islamic Development Bank / UAE and Saudi Arabia / Banking Alpha Baumanergement Gesellschaft / Austria / Tourism Bosmal / Malaysia-Bosnia and Herzegovina
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 Adapted from the Wikipedia article "Economy", under the G.N U Free Docmentation License. Please also see http://en.wikipedia.org/wiki |
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