THE ROLE OF INTERNATIONAL MARKETING IN THE IMPROVEMENT OF ECONOMIC COOPERATION BETWEEN THE COUNTRIES OF THE WESTERN BALKANS IN CRISIS PERIOD

Abstract

After the break-up of the former Yugoslavia, the countries of Western Balkans are slowly establishing mutual economic cooperation, and are struggling with their participation in international trade flow with the usage of international marketing instruments. This significantly decreases their opportunities to accelerate economic development and to improve their competitiveness in the time of new crisis caused by Covid-19 pandemic. Small markets and interstate administrative barriers in the Western Balkans hinder the establishment of new and development of existing enterprises, and cause an outflow of creative human resources. Therefore, it is necessary to promote innovative possibilities of removing barriers for faster circulation of goods, people and capital. The implementation of new models of international marketing could significantly contribute to the intensification of mutual economic cooperation, internationalization of business and attracting foreign investment which are accompanied by the spillover effect. As a result, one could expect the improvement of national economies' competitiveness, increase of exports and gross domestic product and improvement of population living standards.