PERSPECTIVES AND CHALLENGES OF THE WESTERN BALKAN COUNTRIES IN THE LIGHT OF STRUCTURAL CHANGES IN THE GLOBAL ECONOMY

Abstract

Western Balkans is an economic and political area of developing countries who are candidates or potential candidates for EU membership. It is highly important for them to identify current global economic and political changes, to be able to adapt their economic strategies and profit from these changes, thus improving their economic position and catching up with developed economies. In the paper, we researched what are the key global economic changes and what are their repercussions on the Western Balkans countries. After that, we identify the problems for the future of Western Balkans economies and explain how they need to adapt and take the opportunities that arise from global economic changes. Our recommendations for these countries include the knowledge economy and creating more value added; green economy; geopolitical positioning and the role in global supply chains. The key sectors for these countries in the future should be information technology; energy sector; food industry and automotive industry.