Economic Profile of Kosovo: Problems and Challenges
Kosovo is the youngest independent country in Europe. It declared independence on 17 February 2008. In July 2010, the International Court of Justice (ICJ) confirmed that Kosovo’s declaration of independence did not breach international law. Despite its economic potential, rich natural resources base and fertile agricultural land, Kosovo, traditionally, has been the least developed and poorest region in the Yugoslav federation. The World Bank classifies Kosovo in the group of lower-middle-income economies. Kosovo’s production capacities are generally considered underdeveloped and its economy relies on consumption, investment in infrastructure and, especially, remittances. Its economy is small, consumption-driven, and dominated by the services and a fairly large agricultural sector. Although Kosovo has achieved some major advances towards building an institutional, regulatory and financial framework conducive to SME development, the problem remains one of implementation of these measures.
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