Economies of the western Balkans in the process of European integration – New parametersEla Golemi

This article evaluates the impact of the global economic crisis on the western Balkans. The article also discusses the factors that have contributed to recent changes, including on how countries from the region have integrated their markets with foreign economies, especially those of European Union countries, which presents its own new challenges. Statistics show that the level of integration and the openness of member countries to external economies have contributed to the deterioration of the microeconomic indicators. The article considers the universal economic crisis of the western Balkans, using reliable data obtained from the IMF as well as the European Commission. The early years of the millennium witnessed a steady, and rapid, pace of growth in the economies of the western Balkans compared to the rest of the world, especially in terms of low inflation levels. Based on the current situation, GDP depicts trade deficits, while the major and continuing challenges include corruption and negative political trends.