ECONOMY OPENNESS AS AN IMPORTANT FACTOR TO OVERCOME SLOW ECONOMIC GROWTH IN THE WESTERN BALKAN COUNTRIES

Tosheva, Elizabeta ECONOMY OPENNESS AS AN IMPORTANT FACTOR TO OVERCOME SLOW ECONOMIC GROWTH IN THE WESTERN BALKAN COUNTRIES. International Journal of Economics, Commerce and Management, 2 (8). ISSN 2348-0386

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Abstract

This paper aims to contribute to the current policy discussion on measures for achieving sustainable growth and the steady convergence of Western Balkan economies. A significant fall in demand and a strengthening of competitive pressures characterize the latest trends on the international markets. Western Balkan countries (WBC), whose economic growth models have been challenged in recent years, are faced with the challenge of more active inclusion in the international integration process, and one of the key factors in this path is the improvement in trade patterns and export competitiveness. The changes of export structure towards higher value added products are a precondition of a growth and export competitiveness. In this context, the ability of adjusting to new market circumstances and the development of economic cooperation are especially important for the achievement of continued growth in production and in exports. The paper attempts to identify factors that can contribute to these results, such as export performance, level of opening of the economies of these countries, foreign direct investment, domestic prices and costs and institutional and structural indicators. We conclude by summarizing measures and instruments for achieving export-driven economic development and by formulating policy recommendations such as: intensifying trade, greater focus on exports, focusing on FDI attraction policy, institution building and improvement of the overall business environment. Keywords: Western Balkan countries, external competitiveness, economic growth, foreign direct investment, structural characteristics

Item Type: Article
Subjects: Scientific Fields (Frascati) > Social Sciences > Economics and Business
Divisions: Faculty of Law
Depositing User: Mr Mladen Kradzoski
Date Deposited: 26 Mar 2019 17:48
Last Modified: 26 Mar 2019 17:48
URI: http://eprints.uklo.edu.mk/id/eprint/1546

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