Macroecnomic trends of economic development in the western balkan countires
Keywords:
economic development, transitional period, growth rates, the Western Balkan, pandemicAbstract
The economic growth in the Western Balkan countries in the period of transition
was based on the investments into the service sector rather than the industry and
other manufacturing sectors, which resulted in low productivity and competitiveness
of companies in the international market. The basic characteristics of the transitional
period are undeveloped institutions, low level of private and public investments,
unfavourable demographic situation, widespread grey economy and high foreign
debt. Although these countries have complementary economies that suit one another,
they have not yet sufficiently overcome small and fragmented national markets,
and that is mostly reflected in the unfavourable structure of their export. This paper
provides the analysis of the results achieved by the economies of the Western Balkan
countries between 2016 and 2020, compared to the surrounding EU member countries.
The indicators analysed point to the slow economic recovery in these countries,
as well as the fact that the Western Balkan countries have not reduced their huge
delay in development, that a long period of time will be necessary to overcome it, especially
with negative consequences of the pandemic in mind because it has affected
these countries to a greater extent than the developed countries.
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Copyright (c) 2022 Jugoslav Anicic, Olgica Nestorovic, Dusan Anicic
This work is licensed under a Creative Commons Attribution 4.0 International License.