From Recession to Reform: The Western Balkans and the Impacts of a Double Dip Recession

 Although it has been more than three years since the global financial crisis first struck, economies around the world continue to struggle toward recovery.  Among those hardest hit by this ongoing crisis have been the six countries in the Western Balkans – Albania, Bosnia and Herzegovina, Kosovo, the Former Yugoslav Republic of Macedonia, Montenegro, and Serbia.  A new South East Europe Regular Economic Report, launched on December 18, 2012 showcases the economic impact this crisis is having on the region and highlights the need for these six countries to use this opportunity to improve their investment climates and reduce public debt, while simultaneously eliminating payment arrears in the public sector - which will help improve financial discipline in the overall economy of each country.