Economic Performance and Structure of Southeastern European Countries--Albania, Bulgaria, FYR of Macedonia, and Greece

Abstract

This article analyzes the ability of the economies of Albania, Bulgaria, and Former Yugoslavian Republic of Macedonia (FYR of Macedonia) to respond positively and to adapt their structures to the new economic environment to face the level of international competition. Various economic indicators are used to present a picture of economic evolution and structural adjustment over time. The conformity to changing conditions of the structural composition is analyzed at several levels of aggregation, including the structure of GDP and employment; main economics sectors; industrial value added and employment, as well as export and import composition. Also analyzed are differences between the structure of manufacturing of the South East European countries (Albania, Bulgaria, FYR of Macedonia, and Greece) and the other Central European countries, as well as certain European Union countries. The differences and commonalities among the South East European countries (SEECs) are outlined. The article discusses the potential benefits of a policy of regional cooperation within SEE, focusing on the benefits from the development of the industrial sector, which has played a crucial role in the recent performance of SEE. Possible future scenarios and prospects are also analyzed in the light of current problems. Finally, an attempt is made to draw some conclusions and note some policy implications regarding future prospects of SEE and the region.