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YUGOSLAVIA.
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Essay Subject:
Focus on the economy of the Federal Republic of Yugoslavia, Serbia & Montenegro.... More...
4 Pages / 900 Words
10 sources, 10 Citations, APA Format
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Paper Abstract:
Focus on the economy of the Federal Republic of Yugoslavia, Serbia & Montenegro.

Paper Introduction:
BASIC FACTS ABOUT YUGOSLAVIA Summary Background The Federal Republic of Yugoslavia consists of Serbia and Montenegro. as well as the federal republic. Officially, the Federal Republic of Yugoslavia is not recognized by the international community. The Federal government presents itself as the government of the sole successor of the former socialist Yugoslav Republic. The cities of Belgrade (Serbia) and Podgorica (Montenegro) are the country capitals and the the Federal Republic Capital is Belgrade.(1) There is a combined population (January 2000 estimate) of 11,206,847 with 10,526,478 atttributed to Serbia and 689,369 people living in Montnegro. The ethnic breakdown consists of Serbs (63 percent); Albanians (14 perc

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The economic boom anticipated by thegovernment after the suspension of UN sanctions in December 1995 has failedto materialize. http://www.lonelyplanet.com/dest/eur/yug.htm5. What little trade there was before the dissolution of the sevennations that comprised the Yugoslav republic, all but ceased in 1993, whenbarter trade the prime method of handling economic transactions. http://www.europeanforum.bot-consult.se/cup/yugoslavia)2. Like the other formerYugoslav republics, it had depended on its sister republics for largeamounts of energy and manufactures. Serbia's economic structure, on theother hand, is fairly diverse, although the industrial sector predominatesover services. http://geog.gmu.edu/gess/wc/bosnia/bosnia.html6. Damage to roads and power stations is estimated at $ 8 5million. They were lifted, but some were renewed during the Kosovo-crisis in 1999. BASIC FACTS ABOUT YUGOSLAVIA Summary Background The Federal Republic of Yugoslavia consists of Serbia and Montenegro.as well as the federal republic. (4) Group 17 has estimated that Serbia will need fifteen years to returnto the level of prosperity of 1989, the year before the series of warsstarted. http://www.aegee.tue.nl/hrwg/exyu/4. news.alt.beograd7. The sanctions seriously impacted the Yugoslav economy. Hyperinflation endedwith the establishment of a new currency unit in June 1993; prices wererelatively stable from 1995 through 1997, but inflationary pressuresresurged in 1998. There are no statistics known for Montenegro. Government mismanagement of the economy is largely toblame. The onlyindustry that did not come to a complete standstill was the defenseindustry. (8) The breakup of many of the trade links, the sharp drop in output asindustrial plants lost suppliers and markets, and the destruction ofphysical assets in the fighting all have contributed to the economicdifficulties of the republics. http://www.europeanforum.bot-consult.se/cup/yugoslavia)9. Wide differences in climate, mineralresources, and levels of technology among the republics accentuated thisinterdependence, as did the communist practice of concentrating muchindustrial output in a small number of giant plants. (2) The Yugoslav independent group of economists, Group 17, has estimatedthat Serbia alone has lost $ 2.8 billion due to damage to oil refineriesand factories. news.alt.beograd8. Between 1992 and 1995 economic sanctions were imposed on FRY by theUnited Nations. http://www.gov.yu/informatics/3. The only international organizations that are allowing the nation toparticipate in are the ICFTU, IOC and OPCW. http://www.gov.yu/informatics/1 http://www.aegee.tue.nl/hrwg/exyu/ The Federalgovernment presents itself as the government of the sole successor of theformer socialist Yugoslav Republic. Asa result of the NATO intervention, 2 , to 25 , people lost theirjobs, pushing up the unemployment rate to 42.6 percent. Output in Yugoslavia dropped by half in 1992-93. The Economy Montenegro is exclusively agricultural, with about 75 percent of thework force working in that sector. One singular factor in the economic situation of Serbia is thecontinuation in office of a government that is primarily interested inpolitical and military mastery, not economic reform. To survive, the nation must have foreign capital but relationsbetween Yugoslavia and the international community are almost non-existent. (5) The result of this is some $ 4 billion worth of property is stillfrozen. Illegaltrade flourished. The ethnic breakdown consists of Serbs (63 percent); Albanians (14percent); Montenegrins (6 percent); Hungarian (4 percent); and Other (13percent) Key Economic Indicators|Indicator |Amount ||Currency |Yugoslav New Dinar ||GDP (ppp) | US $ 25.4 billion ||GDP per capita (ppp) |$ 2,3 ||GDP real growth |3.5 percent ||Inflation |48 percent | The CIA World Factbook reports that these indicators are thestatistics for 1998. The one German company, Bayerishe, which did run some of themines in Serbia, pulled out in 1994, and closed down its operations. (1 ) References1. Since then the economic situation in both Serbia andMontenegro has changed dramatically, in part due to the economic crisis andmore significantly due to the NATO military action. Currently, there are no multinational corporations operating inYugoslavia. The cities of Belgrade (Serbia) andPodgorica (Montenegro) are the country capitals and the the FederalRepublic Capital is Belgrade.(1) There is a combined population (January 2 estimate) of 11,2 6,847with 1 ,526,478 atttributed to Serbia and 689,369 people living inMontnegro. Also, the Outer Wall sanctions that exclude Belgrade frominternational financial institutions and an investment ban and asset freezeimposed in 1998 because of Belgrade's repressive actions in Kosovo haveadded to economic difficulties. The relevant Security Council resolutions still blockYugoslav access to property until a settlement is reached on the divisionof former Yugoslavia's assets among successor states. In 1999, exports declined by 55 percent, imports by 57 percent. (7) The swift collapse of the Yugoslav federation in 1991 has beenfollowed by highly destructive warfare, the destabilization of republicboundaries, and the breakup of important inter-republic trade flows. Officially, the Federal Republic ofYugoslavia is not recognized by the international community. Prior to the dissolution of Tito's Yugoslavia about 4 percent of the labor force was employed in mining and manufacturing, whilein the past, Serbia - and especially Vojvodina - was known as the wheatbelt of Yugoslavia. (6) Currently, Yugoslavia's trading partners are Germany, Italy andBosnia. (9) Reliable statistics continue to be hard to come by, and the GDPestimate is extremely rough. (3) The largest part of the damage consists of the predicetd decline inGDP for the next ten years: 23.2 billion dollars.According to Group 17, industrial production will decline with 44.4 percentin 2 .

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