Comparative Analysis of South Eastern Europe Economies Facing the Crisis. Future Prospects for the Region

This paper analyses the effects of the global economic crisis in ten South Eastern European countries (Albania, Bulgaria, Bosnia and Herzegovina, Croatia, Greece, Kosovo, Macedonia, Montenegro, Romania and Serbia), within a European perspective. It also points out the main transmission channels of the economic crisis, by outlining the strong economic and financial ties with the EU, acting like contagion corridors in the event of global downturns. In terms of macroeconomic policy responses of the countries, these mainly led to increased fiscal deficits and public debts. Taking as benchmark the Romanian experience during the crisis, we outline several important structural reforms intended to boost competitiveness in the area. The paper concludes that, in spite of the recent negative evolutions, the SEE-10 region has an important economic potential for the future. In the final recommendations we explore the creativity potential of the region, as a strategic opportunity for putting the region on the global competitiveness map.