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Home PECOB's Papers Series The Western Balkans in the turmoil of global crisis
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The Western Balkans in the turmoil of global crisis

October 2010 | #04

by: Franjo Štiblar
pp: 32
ISSN: 2038-632X


The Western Balkan countries are significantly exposed to the effects of global crisis because most of them are highly indebted abroad, posses in-sufficient hard currency reserves and experience high balance of payments deficits. Although the first wave of financial crisis (a fall in prices of new fi-nancial instruments) was not critical for them, the second wave in the form of credit crunch, collapse of exports and disruption of the inflow of remit-tances has significant impact. As a result, the economic activity is signifi-cantly slowing down in the region, regardless of relative satisfactory tourist season in some of countries in 2009. The negative economic developments will slow down the process of resolving conflicts in the region related to bloody dissolution of former SFR Yugoslavia. Inclusion of the elements of solidarism to their economic systems and policies could ease the catching-up of the region in the process of its reintegration to the developed Europe.

Table of contents

1 Introduction
2 The vulnerability of the Western Balkans to the crisis
3 Who is feeling the crisis most?
3.1 Calculation results
3.2 The misery index
3.3 The economic situation index
4 How are the Western Balkans reacting to the crisis ?
4.1 Albania
4.2 Bosnia and Herzegovina
4.3 Croatia
4.4 Kosovo
4.5 Former Yugoslav Republic of Macedonia
4.6 Montenegro
4.7 Serbia
4.8 Conclusion
5 The impact of the crisis on the pacification of the Balkans
6 Solidarism as proper response for the Western Balkans
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Last Updated on Friday, 26 November 2023 12:25  


PECOB's call for papers

The Scientific Board of PECOB announces an open call for papers to be published with ISSN 2038-632X

Interested contributors may deal with any topic focusing on the political, economic, historical, social or cultural aspects of a specific country or region covered by PECOB.

Potential contributors must submit a short abstract (200-300 words) and the full text, which can be in English as well as any language from the countries covered by PECOB.

Upcoming deadlines for submitting proposals are:

January 31st, 2011
June 30th, 2011
November 30th, 2011

All texts must comply with PECOB Submission Guidelines (

All proposals, texts and questions should be submitted to Ms Aurora Domeniconi, PECOB Coordinator, at: