[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-108565-en":3,"doc-seo-108565-105":31,"detail-sidebar-cat-0-en-105":92},{"code":4,"msg":5,"data":6},0,"success",{"doc_id":7,"user_id":8,"nickname":9,"user_avatar":10,"doc_module":4,"category_id":11,"category_name":12,"doc_title":13,"doc_description":14,"doc_content":15,"file_id":16,"file_url":17,"file_type":18,"file_size":19,"view_count":20,"is_deleted":4,"is_public":21,"is_downloadable":21,"audit_status":21,"page_count":22,"language":23,"language_code":24,"site_id":25,"html_lang":24,"table_of_contents":26,"faqs":27,"seo_title":28,"seo_description":14,"update_tm":29,"read_time":30},108565,8796095461610,"Oliver","https://ap-avatar.wpscdn.com/davatar_276721f389ce27ea32af1340a28f341c",8,"Research & Report","Kosovo Country Economic Memorandum - Executive Summary - Gearing Up for a More Productive Future","Kosovo must accelerate growth through a focused reform agenda to close the income gap with aspirational European peers within the next two decades. Following significant gains in the past 25 years, the COVID-19 recession in 2020 threatens jobs and poverty reduction progress. Key constraints include low labor market participation, high unemployment, insufficient productivity in firms and farms, and uneven human capital outcomes. The strategy targets macro stability, higher firm and farm productivity, stronger exports and competition, improved human capital, and expanded women’s economic participation.","Pub lic Disclosure Authorized Pub lic Disclosure Authorized Pub lic Disclosure Authorized Pub lic Disclosure Authorized  \nWORLD BANK GROUP  \nGearing up for a More Productive Future  \nNovember 2021  \nKosovo Country Economic Memorandum  \nExecutive Summary Gearing Up for a More Productive Future  \nKosovo, oneof the youngest countries inan aging Europe, took its first steps on the road to greater prosperity a quarter of a century ago. However, to reach the current living standards of aspirational peers, like Latvia, Estonia, Lithuania, the Czech Republic, and Slovenia, in the next two decades, Kosovo must accelerate its growth by stepping up reforms. Doing so would not only accelerate Kosovo’s growth but speed up a successful recovery from the COVID-19 pandemic.  \nKosovo’s economy has experienced significant growth in recent years. In the last 25 years, per capita income increased more 10-fold from about US$400 in 1995 to over US$4,000 today. Despite progress, per capita income per capita is still only 12 percent of the average EU member state or 20 percent of aspirational peers. On current trends, Kosovo will only reach the income that its key aspirational peers have today in about thirty years’ time.  \nThe COVID-19 pandemic has triggered Kosovo’s first ever recession in 2020. Like the rest of the world, COVID-19 has pushed Kosovo into a deep recession, its first since independence. A prolongation of the pandemic has the potential to slow the pace of growth going forward and erase or at least stall the developmental gains achieved in terms of job creation and poverty reduction.  \nLack of jobs is a major impediment to inclusive growth.  \nOnly 2 in 5 people of working age are participating in the labor market and 1 in 4 people can’t find a job. On a positive note, dynamism increased with 10,000 formal jobs added to the economy on average annually between 2015 and 2018, doubling 2011-2014 job creation.  \nAnd productivity in businesses and on farms is too low.  \nLabor productivity is only a third of that of an average EU company and the average farm could produce the same amount of output using 70 percent less inputs. Business is dominated by small enterprises that often fail to grow and survive.  \nWhile spending on education has more than doubled, the quality of human capital needs to improve. Kosovo spends 4.6 percent of GDP and 16 percent of total government spending on education, similar to comparators. But only 23 percent of pre-school children are on track in terms of expected literacy and numeracy skills.  \nAnd barriers to women’s economic empowerment need tobe lifted. Only 20 percent of women actively participate in the labor market. Women’s participation in the economy as entrepreneurs is also quite limited.  \nProximity to major markets in Europe and a youthful population provide an opportunity for growth. Kosovo is one of the youngest countries in an aging Europe. Trade facilitation and logistics connectivity are getting better. Proximity to a large and affluent market, low taxes and labor costs, a resilient and liquid financial sector, and strong ties with its diaspora will help support growth.  \nYet, with the right reforms, Kosovo can gear up for a more productive future.  \nHarnessed in the right way at the right time, Kosovo’s strengths could prove a catalyst for accelerating growth to achieve higher living standards. A package of reforms to (1) entrench macroeconomic stability and sound governance;  \n(2) increase firm productivity; (3) raise farm productivity; (4) enhance human capital; and  \n(5) boost exports, competition and private investment, especially foreign direct investment (FDI), could see Kosovo closing the gap with its aspirational peers much sooner.  \n2   \nIncreasing  \nFirm Productivity  \nReduce administrative burden, regulatory uncertainty and continue to improve  \naccess to finance  \n\n| Strengthen the national innovation system and foster digitalization |\n| --- |\n| Remove barriers to women's participation ","cbCailowEzTDMu7U","https://ap.wps.com/l/cbCailowEzTDMu7U","pdf",242763,5,1,4,"English","en",105,"# Executive Summary\n## Macroeconomic stability, governance, and public spending\n## Firm productivity\n## Farm productivity\n## Exports, competition, and investment\n## Human capital and women’s economic empowerment","[{\"question\":\"What prevents Kosovo from reaching living standards of aspirational European peers?\",\"answer\":\"Kosovo’s progress has not yet closed the income gap, and current challenges include limited job creation, low labor productivity in firms and farms, and gaps in human capital quality.\"},{\"question\":\"How did the COVID-19 pandemic affect Kosovo’s economy?\",\"answer\":\"The pandemic triggered Kosovo’s first recession since independence in 2020 and could slow growth while stalling gains in job creation and poverty reduction.\"},{\"question\":\"Which reforms are highlighted to gear up for a more productive future?\",\"answer\":\"The document proposes reforms to entrench macro stability and governance, raise firm and farm productivity, enhance human capital, and boost exports, competition, and private investment, including FDI.\"}]","Kosovo Country Economic Memorandum - 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