Policy Options for Competitiveness and Economic Development in the Western Balkans: the Case for Infrastructure Investment

By: Holzner, Mario.

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BookSeries: wiiw Policy Notes and Reports: 16Publisher: Wien : Wiener Institut für Internationale Wirtschaftsvergleiche (wiiw), 2016Description: 14 S., 9 Figures, 30cm.Subject(s): macroeconomic policy | investment | infrastructure | fiscal devaluation | competitiveness | Western Balkans | Berlin ProcessCountries covered: Albania | Bosnia and Herzegovina | Kosovo | North Macedonia | Montenegro | Serbia | Western Balkanswiiw Research Areas: Macroeconomic Analysis and Policy | International Trade, Competitiveness and FDIClassification: E27 | E60 | F21 | H54 | O24 Online resources: Click here to access online Summary: Summary The Western Balkans are a region with a substantial economic catch-up potential. Compared to other European economies these countries are either poor or very poor. Structural underdevelopment and low competitiveness impede the catch-up process. Mass unemployment and a huge trade deficit indicate heavy internal and external imbalances. Short-run policy measures should focus on fiscal devaluation and NPL resolution to foster cost competitiveness and private investment. A ‘Big Push’ in infrastructure investment is imperative for long-term prosperity. An investment volume of EUR 7.7 billion as envisaged in the ‘Berlin Process’ has the potential for an additional GNP growth impulse of about 1% p.a. and a positive employment effect of up to 200,000 people in the region.

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Summary

The Western Balkans are a region with a substantial economic catch-up potential. Compared to other European economies these countries are either poor or very poor.
Structural underdevelopment and low competitiveness impede the catch-up process. Mass unemployment and a huge trade deficit indicate heavy internal and external imbalances.
Short-run policy measures should focus on fiscal devaluation and NPL resolution to foster cost competitiveness and private investment.
A ‘Big Push’ in infrastructure investment is imperative for long-term prosperity. An investment volume of EUR 7.7 billion as envisaged in the ‘Berlin Process’ has the potential for an additional GNP growth impulse of about 1% p.a. and a positive employment effect of up to 200,000 people in the region.

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