TOP Analysis, Prognoses and News about Greek - Albanian Relations and the Region.
Friday, November 25, 2011
Balkan risks recession 25/11/2011
The danger for another recession in Balkan is bigger, because the other countries of the region are greatly exposed to the Euro Zone.
The fact that the Greek and Italian banks are present in the region increased this danger even more. This crisis is damaging the EU membership perspective for Western Balkan, declared regional experts in the meeting of EU and Balkan ambassadors in London.
“The Balkan region, or Southeastern Europe, is facing a series of challenges, in which exists the danger of falling into recession again. The number of foreign investors has fallen in the last two years”, declared Peter Sanfey, EBRD high rank official in London.
In the meeting of EU and Balkan ambassadors were given numbers that make a detailed scan of the Balkan economies. Albania is expected to have an economic growth of 4%, while the average in EU is 2%.
But for reaching the average European revenues per capita, with this pace Albania will need 65 years, the meeting declared. The consensual conclusion was that the short-term future for Balkan was seen gloomy, according to Laza kekic, director of the prestigious Economist Intelligence Unit in London. The spaces for fiscal stimulus are very limited in Balkan. As for the crisis danger levels, Albania and Hungary was considered with the highest points, 4 from 5.
In these crisis conditions, lack of political stability and other problems among Balkan states, the specialized verdict in this meeting was that the region was not ready for membership before 2020, which would make it difficult for the general public to preserve the enthusiasm for EU membership.