Washington Economic Agreement and its Implementation in Bosnia and Herzegovina (B&H)

TitleWashington Economic Agreement and its Implementation in Bosnia and Herzegovina (B&H)
Publication TypeConference Proceedings
Year of Publication2015
AuthorsDapo, E, Ridic, O
Conference NameInternational Research Congress on Social Sciences
Date Published05/2015
Place PublishedInternational University of Sarajevo, Sarajevo, B&H.
Publication Languageeng

The Washington Consensus approach regarding the economic, political and legal development was proposed by the International Monetary Fund (IMF) and the World Bank (WB) to Bosnia and Herzegovina (B&H) in the period of post-war reconstruction and transitional economic transformation. The Washington Consensus is package of ten macroeconomic and structural policies and their implementation was crucial in order to make proper qualitative changes in the economy and move towards market-determined methods of allocating resources, making production decisions and distributing output. In this paper we will explain and evaluate implementation of these policies over time. This paper will also make comparisons with other transitional countries in the region in order to draw the lessons and make recommendations for future development of B&H.  It can be concluded that B&H has been stagnating in its economic development and that B&H government must improve legal and economic environment by undertaking thorough and necessary reforms.