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Montenegro on Course for Stronger Economic Recovery in 2021

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The Western Balkans region is rebounding from the COVID-19-induced recession of 2020, thanks to a faster-than-expected recovery in 2021, says the latest edition of the Western Balkans Regular Economic Report, Greening the Recovery.

The outlook for the region has improved significantly, with GDP growth now projected to reach 5.9 percent in 2021, after a 3.1 percent contraction in 2020. Growth in the region is projected at 4.1 percent in 2022 and 3.8 percent in 2023.

Driven by a rapid recovery in tourism, Montenegro’s economy is projected to rebound strongly by an estimated 10.8 percent in 2021, the highest rate among the six Western Balkan countries. Strong peak summer season has supported a rebound in tourism revenues, which are likely to reach close to 75 percent of their 2019 levels, from 55 percent previously estimated.

The rebound of economic activity has boosted government revenues, which coupled with careful fiscal management have led to a reduction in fiscal deficit from 11 percent of GDP in 2020 to an estimated 4 percent in 2021. Maintaining fiscal prudence in the medium term will be critical, as uncertainties loom.

“The economic crisis brought on by the COVID-19 pandemic continues to be a source of uncertainty, but also presents an opportunity for Montenegro to ensure a resilient, inclusive, and green post-pandemic recovery,” says Christopher Sheldon, World Bank Country Manager for Bosnia and Herzegovina and Montenegro. “The World Bank is committed to helping Montenegro implement reforms that can help ensure macroeconomic stability, create economic opportunities, and spur strong private-sector led growth”.

The report finds that unemployment in Montenegro remains high as the recovery has not ignited the labor market yet, which limits the pace of resumed poverty reduction. Poverty is projected to decline slowly in 2021, but it remains higher than its 2019 level.

The poverty rate for the region is projected to resume its pre-pandemic downward trend and fall by around 1 percentage point to 20.3 percent, close to its 2019 level.

The regionwide recovery is due to strength in both domestic and external demand. A sharp rebound in domestic consumption and in travel across Europe helped boost remittances as well as tourism inflows during the 2021 peak summer season. A strong recovery in advanced economies also provided a boost to demand for the region’s exports.

However, the recovery remains fragile. Early warning signals from the labor market call for close policy attention. Job losses from the recession and its aftermath have disproportionately affected women and youth, which may set back efforts to raise the region’s perennially low rates of labor force participation. Youth unemployment rose to 37.7 percent in 2021, up 5.4 percentage points from June 2020, further worsening youth employment prospects.

“As the Western Balkans countries look to a post-pandemic future, their policy approach will need to focus on addressing key impediments to job creation and economic transformation, including green transition,” said Linda Van Gelder, World Bank Country Director for the Western Balkans. “All six countries would benefit from reforms in the business environment, governance, and digitalization, which would contribute to growth and close the gap with EU countries.”

The report also looks at the macro-fiscal challenges and drivers of greening the region’s growth. The Western Balkans now find themselves at a key decision point regarding the impending green transition.

Global strides toward climate action are causing fundamental changes in society. Consumer and investor preferences are shifting, green technologies and new business models are disrupting more markets, and green policies are reshaping economic landscapes. As such, greening a country’s economy is becoming a decisive factor in international competitiveness and the ability to attract international finance and investments.

The Western Balkans are no exception. Still characterized by a development model tilted toward familiar brown industries, moving toward a green growth pathway is far from easy, especially in the short term. Yet, the green transition offers significant opportunities for the Western Balkans – including closer integration into Euro-centric global value chains and access to significant EU resources to help fund a green transition.

Effectively managing this green transition, including the many policy tradeoffs, will need to be a core focus of policy attention for the Western Balkans in the years ahead.

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France challenges UK for title of Europe’s Greatest Equities Market

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Paris is challenging London’s leadership as home to Europe’s largest stock market, undermining post-Brexit Britain’s standing as the continent’s most important financial center, – recognizes “The Financial Times”.

The market capitalization of all companies listed in the French capital rose from $1.8 trillion at the start of 2016 to $2.83 trillion, closing the value of London shares at $2.89 trillion, according to Refinitiv.

“It is a result of the poor performance of British equities, the poor pipeline and performance of new issues in the UK, and the terrible performance of the pound. It is clearly not good news for London – and Brexit is a big factor in all three.”

To re-establish its traditional leadership, the UK government aims in the coming months to finalize proposals to reform the City of London.

However, competition from Paris is set to intensify as France is rated the preferred European stock market by fund managers. 17 percent of fund managers said they planned to “overweight” French equities over the next 12 months, according to a Bank of America survey of 161 investment managers with combined assets of $313 billion.

Paris is difficult London’s lead as the house to Europe’s greatest inventory market, consuming away at Britain’s place after Brexit because the continent’s most essential monetary centre.

“This gap between London and Paris in the domestic market is a lot smaller than it used to be or should be,” stated William Wright, founding father of New Financial, a UK think-tank, – writes “Business Land”.

…Thus the strange politics of London in recent years – from Brexit to a kaleidoscope of people in the prime minister’s chair, has led to the fact that Britain may say ‘goodbye’ even to such a privilege as being the financial center of the World and Europe.

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4 Best Tips How To Write A Literary Analysis Essay

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Writing a literature essay or analysis is not an easy task. It is necessary to plunge deeply into the text and understand why the author used various techniques. You will also have to comment on the plot, events, and characters. Creating an excellent literary analysis requires patience, skills and theoretical knowledge. If you are missing the last item, read this article to the end.

1. What To Begin With

First of all, you need to understand what analysis means in literature, and your best friend in doing so is practice. Writing essays may be challenging, especially when the words are buzzing around your head but refuse to appear. If you can’t concentrate and come up with something, try to read a literary analysis essay written by a professional, just for a start. It will give a basic understanding of how to write a literature essay, and you will feel sure. Sometimes a proper example is the best teacher, and it is better to see an excellent work once to learn from it.

So, what’s coming next after getting a sample? The following step in writing a literary analysis essay is thoroughly studying the text and formulating a thesis statement. Take into account the general format of an academic essay while you write:

  • An opening paragraph that conveys your essay’s key argument.
  • The body of your paper is broken up into sections, where you present your thesis and back it up with textual proof.
  • A summary of the core argument you’ve made throughout your analysis.

2. Take Notes

Study the source(s) and make some preliminary notes. Highlight the aspects you find catchy, unexpected, or baffling; these are the areas you should focus on in your paper.

One of the primary purposes of literary analysis is to go deeper into a piece of literature. First and foremost, a student should be on the lookout for literary devices, which are linguistic tools authors use to emphasize certain points in the text or evoke specific emotions in the reader.

3. Literary Analysis Outline

The best tip for writing all essays is to have a proper outline. Here is one you might use. For additional inspiration, you might also use Phdessay or other services with an impressive essay collection. It’s always beneficial to look at other authors’ interpretations and consider what you can borrow from them. And, of course, nobody canceled the structure, the bibliography, and the citations. Don’t miss anything important!

Introduction

The first step in writing a literary analysis introduction for a literary analysis essay is to provide the work’s title and author. You need one or two phrases at the most to express yourself. The focus should be on the central theme for these phrases to be more compelling.

Give a quick summary of the book and discuss its significance in the literary canon. Why do we need to analyze this? Where does the author draw a line between right and wrong?

Get started on your paper by formulating a thesis. Justify your argument’s central thesis and its most critical supporting arguments.

Formulating The Body Of Your Work

Write a separate paragraph to elaborate on each of the claims made in the thesis. For example, a 600-word essay needs no more than three paragraphs. Use a clear subject phrase at the beginning of each one. Then, it would be best if you elaborated on your key argument. Every claim must be backed up with examples from the literature piece.

How To Write Conclusion

A literary analysis essay conclusion is the last paragraph you write to wrap up your assignment. Provide a brief overview of the work, your thoughts and emotions, and other relevant details here. Don’t start talking about anything else.

Emphasize the reasons your position is sound and the evidence you’ve provided in the paper’s middle part.

4. Proofread

After the essay’s main points have been refined, they should be checked for typos and other errors. Sometimes it helps to read the whole text aloud slowly and clearly. Someone else should do it for you if feasible.

Multiple copies of the document should be produced and proofread before a final copy is made. It’s important to keep an eye out for sentence fragments, comma splices, and other frequent grammatical mistakes.

Conclusion

This academic task aims to analyze and assess some facets of a piece of literature. A literary analysis essay is defined as one that investigates the language, viewpoint, imagery, and structure. These methods are dissected to get to the author’s true intentions. After all, any analysis aims to shed light on the material by revealing hidden meanings. Your interpretations of the source material should be described in an analytical style that goes beyond a simple synopsis.

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Boosting Equitable Development as Kenya Strives to Become an Upper Middle-Income Country

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The World Bank Group (WBG) Board of Executive Directors today voiced its support for the WBG’s latest six-year strategy to support Kenya in its ongoing efforts towards green, resilient, and inclusive development.

The Kenya Country Partnership Framework (CPF) is a joint strategy between the World Bank, the International Finance Cooperation (IFC), and the Multilateral Investment Guarantee Agency (MIGA) and the government to promote shared prosperity and reduce poverty for the people of Kenya. Informed by extensive stakeholder consultations, the CPF seeks to drive faster and more equitable labor productivity and income growth, greater equity in development outcomes across the country, and help sustain Kenya’s natural capital for greater climate resilience.

The people of Kenya are in a position to reap even greater dividends from the country’s robust economic growth in terms of more durable poverty reduction,” said Keith Hansen, World Bank Country Director for Kenya. “Tackling the drivers of inequality now will help to ensure that Kenya can achieve and maintain more equitable development in the long run.”

Over the past decade, Kenya’s economy has outperformed its Low- and Middle-Income Country (LMIC) peers with the growing number of better-educated and healthier Kenyans in the labor force contributing more than any other factor to rising gross domestic product (GDP). More recently, however, the pace of poverty reduction, and then the COVID-19 pandemic, revealed how vulnerable many households are when faced with shocks. Though Kenya’s economy is rebounding from the pandemic and projected to grow by an average 5.4% during 2022-24, the ongoing drought and global inflation are causing poverty to rise. The CPF finds that Kenya is still well positioned to secure more inclusive growth and the WBG is ready to provide support that targets lagging areas and communities with better services and infrastructure that build household and community resilience. In doing so, it aims to help Kenya avoid the inequality and productivity traps experienced by other Middle-Income Countries (MICs).

“Kenya’s private sector is poised to drive faster job creation and to seize new opportunities from global and regional integration,” noted Jumoke Jagun-Dokunmu, IFC Regional Director for Kenya.This will require a more level playing field for competition and innovation for large and small firms and between public and private enterprises.”

The CPF also aims to help raise the productivity of small firms, small producers, and women entrepreneurs, improve the investment climate across the country, and stimulate more private participation in public service delivery. To support Kenya’s response to climate change, the CPF has programmed investments to reduce water insecurity, and to mobilize more climate finance for both public and private investments.  

MIGA aims to unlock more private sector investment in climate responsive projects in Kenya through innovative financial solutions,” said Merli Baroudi, MIGA Director for Economics and Sustainability. “Kenya’s impressive progress in mobilizing private capital for renewable energy augurs well for other sectors.

The CPF draws on Kenya’s Vision 2030, the new government’s development agenda, a Systematic Country Diagnostic, a Country Private Sector Diagnostic, a Completion and Learning Review of the previous Country Partnership Strategy, and over 34 stakeholder consultations, including with Kenya’s diaspora. The World Bank Group is Kenya’s largest development financier. IFC’s portfolio of private sector investments in Kenya is its fourth largest and fastest growing in Sub-Saharan Africa and MIGA’s financial operations in Kenya are its third largest program in Africa.

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