The Impacts of the Global Recession on Southeast European Countries

The purpose of this paper is to analyze the impact of the global recession on selected southeast European countries. The implicit hypotheses of the paper are therefore related, first, to the question of sustainability of the global model of development, and second, to the sustainability of the economic model of development of the southeast European countries in which overall weak export orientation is a constant problem. The first sign of economic recession in the southeast European countries was a significant reduction of exports, which was the consequence of a strong decline in foreign demand. The stagnation and reduction of activities in other sectors, especially in trade, construction, and industry, soon followed. A reduction in personal consumption and the need to curtail the growth of government spending indicate that in the following period the only, and major, sources of economic growth are an increase of investments and exports. The results confirm the possibilities of strengthening mutual economic cooperation in the market of the region and on the international markets, especially in the circumstances of the global recession. It is necessary to review the existing economic models based on export orientation, especially export of manufacturing.