engleski

The Impacts of the Global Recession on Southeast European Countries

The purpose of this paper is to analyse the impacts of the global recession on selected south-east European countries. The implicit hypotheses of this paper are therefore related, firstly, to the question of sustainability of the global model of development and, secondly, to the sustainability of the economic model of development of the south-east European countries in which overall weak export orientation is a constant problem. The first signs of economic recession in the south-east European countries were 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 stop 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 the strengthening of mutual economic cooperation in the market of the region and on the international markets especially in the circumstances of the global recession. There is a necessity of the review of the existing economic models which should be based on export orientation especially export of manufacturing.

Global Recession; Export Competitiveness; Expectations; South-east European Countries

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