February 17 (SeeNews) - Bosnia's economic growth will quicken to 3.5% this year, 3.6% next year and 3.8% in 2022, from 3.0% estimated for 2019, the state-level government's Directorate for Economic Planning (DEP) said.
Domestic demand is expected to be the main driver of Bosnia's GDP growth, DEP said in its 2020-2022 Economic Reforms Programme published last week.
Favourable international conditions and improved business environment at home are expected to support Bosnia's economic growth, DEP said, adding that according to the latest forecasts by the International Monetary Fund the global economy will grow by over 3% annually in the period 2020-2022, while the European Union's economy will expand by some 2% per year.
Bosnia's industrial production and construction output increase, leading to a rise in employment and export revenue, which together with increased cash inflows from abroad would result in increased private consumption, DEP said.
DEP said it expects Bosnia's finances to stabilise in 2020-2022, as public expenditure will decrease, while public revenue will increase, it said.
Total investments in the country are projected to rise by 9% per year on average in the period 2020-2022, while exports are forecast to rise by 7% per year, DEP said.