EU11 Regular Economic Report : Coping with External Headwinds

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dc.creatorWorld Bank
dc.date2012-12-05T00:28:42Z
dc.date2012-12-05T00:28:42Z
dc.date2012-06
dc.date.accessioned2026-07-01T00:59:20Z
dc.descriptionThis study claims that despite the challenging external environment, EU11 countries did well in 2011. First, economic growth strengthened to above 3 percent (from around 2 percent in 2010) and the region fully recovered its output losses from the global financial crisis. Second, fiscal measures delivered reduction of around 3 percent of GDP in the EU11 average fiscal deficit. Third, the financial sector remained resilient to renewed concerns about negative feedback loops between insecure sovereign debtors and fragile financial markets. However, the good performance conceals important shifts in economic sentiment that occurred during the year. While the growth momentum was still strong in the first half of 2011, it slowed toward the end of the year, as the region started to feel the impact of lingering concerns about European sovereign-debt markets, creeping oil prices, and the global slowdown. With the downward trend in economic activity, labor markets remained slack. Unemployment rates hovered around those recorded in the midst of the global financial crisis with sluggish employment growth. The paper points out that the European economic growth model has delivered unprecedented welfare to the continent over the last half century. In spite of its remarkable success, several aspects of the European economic growth model require reform to ensure that it is sustainable. Among the priorities for many European states today are providing incentives for labor mobility, making public finances more sustainable, and adapting social security systems to demographic developments, and harmonizing regulation across borders. This note zeroes in on the EU11 region to explore what is driving their prosperity and growth. The main messages related to the drivers of growth and prosperity in EU11 are as follows: 1) Convergence; 2) Trade and finance; 3) Enterprise and innovation; 4) Labor; and 4) Government.
dc.formatapplication/pdf
dc.formattext/plain
dc.identifierhttp://documents.worldbank.org/curated/en/2012/06/16439134/eu11-regular-economic-report-coping-external-headwinds-special-topic-drivers-convergence-eu11
dc.identifierhttps://hdl.handle.net/10986/11896
dc.identifierhttps://doi.org/10.1596/11896
dc.identifier.urihttp://hdl.handle.net/123456789/413924
dc.languageEnglish
dc.languageen_US
dc.publisherWashington, DC
dc.rightsCC BY 3.0 IGO
dc.rightshttp://creativecommons.org/licenses/by/3.0/igo/
dc.rightsWorld Bank
dc.subjectACCOUNTING
dc.subjectAGRICULTURAL PRODUCTION
dc.subjectAGRICULTURE
dc.subjectASSET CLASSES
dc.subjectASSET PRICES
dc.subjectBALANCE SHEET
dc.subjectBALANCE SHEETS
dc.subjectBANK BALANCE SHEETS
dc.subjectBANK LENDING
dc.subjectBANKING SECTOR
dc.subjectBANKING SYSTEM
dc.subjectBANKRUPTCY
dc.subjectBASIS POINTS
dc.subjectBENCHMARK
dc.subjectBENCHMARKS
dc.subjectBOND SPREADS
dc.subjectBONDS
dc.subjectCAPACITY CONSTRAINTS
dc.subjectCAPITAL ADEQUACY
dc.subjectCAPITAL FLOWS
dc.subjectCAPITAL GOODS
dc.subjectCAPITAL INFLOWS
dc.subjectCAPITAL REQUIREMENTS
dc.subjectCD
dc.subjectCDS
dc.subjectCENTRAL BANKS
dc.subjectCOMMERCIAL BANKS
dc.subjectCOMMODITY PRICE
dc.subjectCOMMODITY PRICES
dc.subjectCOMPETITIVENESS
dc.subjectCONSOLIDATION
dc.subjectCONSUMER PRICE INDEX
dc.subjectCONSUMERS
dc.subjectCORPORATE BOND
dc.subjectCPI
dc.subjectCREDIT GROWTH
dc.subjectCROATIAN NATIONAL BANK
dc.subjectCURRENCY
dc.subjectCURRENCY DEPRECIATIONS
dc.subjectCURRENT ACCOUNT DEFICIT
dc.subjectCURRENT EXPENDITURES
dc.subjectDEBT
dc.subjectDEBT CRISIS
dc.subjectDEBT FLOWS
dc.subjectDEBT LEVELS
dc.subjectDEBT MARKETS
dc.subjectDEBT REDUCTION
dc.subjectDEBT SERVICE
dc.subjectDEBTORS
dc.subjectDEFICITS
dc.subjectDEFLATION
dc.subjectDEMOGRAPHICS
dc.subjectDEPOSIT
dc.subjectDEPOSITS
dc.subjectDIRECT INVESTMENT
dc.subjectDISPOSABLE INCOME
dc.subjectECONOMIC ACTIVITY
dc.subjectECONOMIC CONDITIONS
dc.subjectECONOMIC CONSEQUENCES
dc.subjectECONOMIC DEVELOPMENTS
dc.subjectECONOMIC GROWTH
dc.subjectECONOMIC OUTLOOK
dc.subjectECONOMIC PERFORMANCE
dc.subjectECONOMIC POLICIES
dc.subjectECONOMIC POLICY
dc.subjectECONOMIC PROBLEMS
dc.subjectECONOMIC PROGRAMS
dc.subjectECONOMIC SITUATION
dc.subjectEMPLOYMENT
dc.subjectENFORCEABILITY
dc.subjectENTREPRENEURSHIP
dc.subjectEQUIPMENT
dc.subjectEQUITY FLOWS
dc.subjectEUROPEAN CENTRAL BANK
dc.subjectEXCHANGE RATE
dc.subjectEXCHANGE RATES
dc.subjectEXPENDITURE
dc.subjectEXPORT GROWTH
dc.subjectEXTERNAL DEBT
dc.subjectFINANCIAL CRISIS
dc.subjectFINANCIAL INSTITUTIONS
dc.subjectFINANCIAL INTEGRATION
dc.subjectFINANCIAL MARKETS
dc.subjectFINANCIAL SECTOR
dc.subjectFINANCIAL SERVICES
dc.subjectFINANCIAL STABILITY
dc.subjectFINANCIAL SYSTEM
dc.subjectFINANCIAL TRANSACTIONS
dc.subjectFISCAL DEFICIT
dc.subjectFISCAL DEFICITS
dc.subjectFISCAL DISCIPLINE
dc.subjectFISCAL EFFORT
dc.subjectFISCAL EFFORTS
dc.subjectFISCAL POLICY
dc.subjectFISHING
dc.subjectFLEXIBLE EXCHANGE RATES
dc.subjectFORECASTS
dc.subjectFOREIGN BANK
dc.subjectFOREIGN BANKS
dc.subjectFOREIGN CAPITAL
dc.subjectFOREIGN INVESTMENT
dc.subjectFORESTRY
dc.subjectFREE TRADE
dc.subjectGDP
dc.subjectGDP PER CAPITA
dc.subjectGLOBAL ECONOMIES
dc.subjectGLOBAL ECONOMY
dc.subjectGLOBAL FINANCIAL STABILITY
dc.subjectGLOBAL TRADE
dc.subjectGOVERNANCE ISSUES
dc.subjectGOVERNMENT BANKS
dc.subjectGOVERNMENT BOND
dc.subjectGOVERNMENT BOND YIELDS
dc.subjectGOVERNMENT DEBT
dc.subjectGOVERNMENT DEFICITS
dc.subjectGOVERNMENT SPENDING
dc.subjectGRANT FUNDING
dc.subjectGROWTH POTENTIAL
dc.subjectGROWTH RATE
dc.subjectHIGH UNEMPLOYMENT
dc.subjectHUMAN CAPITAL
dc.subjectHUMAN CAPITAL DEVELOPMENT
dc.subjectINDEBTEDNESS
dc.subjectINDEXATION
dc.subjectINFLATION
dc.subjectINFLATION RATES
dc.subjectINTEREST PAYMENTS
dc.subjectINTEREST RATE
dc.subjectINTEREST RATES
dc.subjectINTERMEDIATE GOODS
dc.subjectINTERNATIONAL FINANCIAL MARKET
dc.subjectINTERNATIONAL SETTLEMENT
dc.subjectINVENTORIES
dc.subjectINVENTORY
dc.subjectINVESTMENT ACTIVITY
dc.subjectINVESTMENT CLIMATE
dc.subjectINVESTMENT PROJECTS
dc.subjectINVESTOR CONFIDENCE
dc.subjectLABOR COSTS
dc.subjectLABOR FORCE
dc.subjectLABOR MARKET
dc.subjectLABOR MARKETS
dc.subjectLABOR PRODUCTIVITY
dc.subjectLAWS
dc.subjectLEGAL SYSTEM
dc.subjectLEGISLATION
dc.subjectLENDING PRACTICES
dc.subjectLEVIES
dc.subjectLIBERALIZATION OF TRADE
dc.subjectLIMITED LIABILITY
dc.subjectLIQUIDATION
dc.subjectLIQUIDITY
dc.subjectLIVING STANDARDS
dc.subjectLOAN
dc.subjectLOCAL GOVERNMENTS
dc.subjectMACROECONOMIC ENVIRONMENT
dc.subjectMACROECONOMIC STABILITY
dc.subjectMARKET CONDITIONS
dc.subjectMARKET CONFIDENCE
dc.subjectMARKET DEVELOPMENT
dc.subjectMARKET EFFICIENCY
dc.subjectMARKET REFORMS
dc.subjectMONETARY FUND
dc.subjectMONETARY POLICY
dc.subjectMONEY MARKETS
dc.subjectMONOPOLIES
dc.subjectNATURAL DISASTERS
dc.subjectNET EXPORTS
dc.subjectNONPERFORMING LOANS
dc.subjectNPL
dc.subjectOIL
dc.subjectOIL PRICES
dc.subjectOPEN ECONOMY
dc.subjectOUTPUT LOSSES
dc.subjectPENSION
dc.subjectPENSION SYSTEM
dc.subjectPENSION SYSTEMS
dc.subjectPENSIONS
dc.subjectPOLICY DECISIONS
dc.subjectPOLICY ENVIRONMENT
dc.subjectPORTFOLIO
dc.subjectPORTFOLIO INVESTMENT
dc.subjectPRICE DECLINES
dc.subjectPRIVATE CONSUMPTION
dc.subjectPRIVATE CREDITORS
dc.subjectPRIVATE SECTOR CREDIT
dc.subjectPRIVATE SECTOR DEBT
dc.subjectPRIVATIZATION
dc.subjectPRODUCT MARKETS
dc.subjectPRODUCTIVITY
dc.subjectPRODUCTIVITY GROWTH
dc.subjectPROPERTY RIGHTS
dc.subjectPUBLIC DEBT
dc.subjectPUBLIC FINANCE
dc.subjectPUBLIC FINANCES
dc.subjectPUBLIC GOODS
dc.subjectPUBLIC INVESTMENT
dc.subjectPUBLIC SERVICES
dc.subjectPUBLIC SPENDING
dc.subjectPURCHASING POWER
dc.subjectREAL EXCHANGE RATE
dc.subjectREAL WAGES
dc.subjectRECAPITALIZATION
dc.subjectRESERVE
dc.subjectRESERVES
dc.subjectRETURN
dc.subjectRETURNS
dc.subjectRISK PROFILES
dc.subjectRULE OF LAW
dc.subjectSAFETY NET
dc.subjectSOCIAL SAFETY NETS
dc.subjectSOCIAL SERVICES
dc.subjectSOVEREIGN BOND
dc.subjectSOVEREIGN DEBT
dc.subjectSOVEREIGN DEBT PROBLEMS
dc.subjectSTOCKS
dc.subjectSUBSIDIARIES
dc.subjectSUPERVISORY AUTHORITIES
dc.subjectSUSTAINABLE GROWTH
dc.subjectTAX
dc.subjectTAXATION
dc.subjectTELECOMMUNICATIONS
dc.subjectTOTAL DEBT
dc.subjectTRADE BALANCES
dc.subjectTRADE FLOWS
dc.subjectTRADING
dc.subjectTRADING SYSTEM
dc.subjectTRANSFER PAYMENTS
dc.subjectTRANSPARENCY
dc.subjectTRANSPORT
dc.subjectTREATY
dc.subjectTURNOVER
dc.subjectUNEMPLOYMENT
dc.subjectUNEMPLOYMENT RATE
dc.subjectUNEMPLOYMENT RATES
dc.subjectVALUE ADDED
dc.subjectWAGES
dc.titleEU11 Regular Economic Report : Coping with External Headwinds

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