Western Balkan Countries Before and After the Great Recession

Georgieva Svrtinov, Vesna and Boskovska, Diana and Djambaska, Elizabeta and Gorgieva-Trajkovska, Olivera (2016) Western Balkan Countries Before and After the Great Recession. "Economic Development", Journal of the Institute of Economics-Skopje, No.1-2/2016. ISSN 1857-7741

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The main goal of this paper is to analyze the economic transition
process in the Western Balkans (WB) in the period between 2000-2014. In
this period, countries made radical political changes and economic reforms.
They opened up to global trade, became increasingly export-oriented and
expanded the role of the private sector. They also fulfilled criteria regarding
convertibility of the current account, interest rates liberalization, price
liberalization and small-scale privatization. However, reforms, such as
large-scale privatization, competition policy and governance and enterprise
restructuring, have still been delayed.
In all WB countries except in Serbia, the inflation rate during this
period is low, which is very big achievement taking into account the history
of hyperinflation at the beginning of the transition. Furthermore, from the year 2000 onwards, the countries under review also made progress in real
convergence, but the gaps in terms of income per capita relative to the euro
area, remain large. In comparison with the 90s when the high political risk has
been the main barrier for more foreign direct investment inflows, after the year
2000 foreign investors have become increasingly interested for this region.
Key Words: Western Balkan, economic transition, market economies.
JEL Classification: E24; E31; F16; F31; F32

Item Type: Article
Subjects: Social Sciences > Economics and business
Divisions: Faculty of Economics
Depositing User: Olivera Trajkovska
Date Deposited: 22 Aug 2016 11:46
Last Modified: 22 Aug 2016 11:46
URI: https://eprints.ugd.edu.mk/id/eprint/16121

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