This
conference session is based on the following background information:
·
Balkan Economic Growth Prior to the Global
Financial Crisis
·
Consequences of the Global Financial Crisis
·
World Bank Group and IMF Forecasts for 2015
Balkan Economic Growth Rates
·
Common Challenges Shared by Balkan Countries
·
Impact of Greek Financial Crisis
·
Impact of Current Immigration to and Migration
through the Balkans
·
Economic Growth Opportunities
Balkan Economic Growth Prior to the Global Financial Crisis
For
3 years prior to the 2008 global financial crisis, the average annual growth
rate for all of the Balkan countries was higher than that of the EU. Pre-global
financial crisis growth rates generally ranged between 5-7% per year with the
Montenegrin annual economic growth rate reaching an all time high of 10.7% in
the fourth quarter of 2007; however, the lack of Balkan financial reserves,
social safety nets, access to capital and financial leverage – which many other
European countries have to fall back on – left the Balkan countries with fewer
options to cope with the global economic downturn which followed closely on the
heels of the devastating 1990s Balkan conflicts.