A New Model for Balanced Growth and Convergence
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A New Model for Balanced Growth and Convergence

Achieving Economic Sustainability in CESEE Countries

Edited by Ewald Nowotny, Peter Mooslechner and Doris Ritzberger-Grünwald

This topical book addresses the need for emerging economies in Central, Eastern and South-Eastern Europe to find a new, sustainable growth model that fosters continued convergence with the EU without leading to the build-up of new vulnerabilities.
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Chapter 11: South-Eastern Europe: impacts from the crisis, vulnerabilities and adjustments

Dimitar Bogov and Aneta Krstevska


This chapter describes the impact that the world economic crisis which emerged in 2007–2008 and the sovereign debt crisis which hit individual euro area countries in 2010 has had on South-Eastern Europe (SEE), specifically the countries of Macedonia (abbreviated MKD in all figures), Albania (ALB), Bosnia and Herzegovina (B & H), Croatia (CRO), Montenegro (MNE) and Serbia (SRB); together referred to asSEE-6in this chapter. Prior to the crisis, these countries all operated under broadly similar conditions; they all had robust growth rates and sound banking systems as well as macroeconomic imbalances of varying degrees. When the crisis occurred, the relatively low degree of integration in world financial markets helped the SEE-6 economies to maintain financial stability while advanced economies faced severe disorders. At the same time, the crisis affected the SEE-6 countries’ growth perspectives, considering their traditional orientation towards the EU market; it put pressure on public finances; and it affected banks’ sources of financing.

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