Regional and European integration will boost economic growth

By Gajtis Bejleri
Tirana, June 10. According to the new World Bank report, “Western Balkans Integration and the EU: an Agenda for Trade and Growth”, the Western Balkans are a key part of European integration. The Balkan countries are at different stages of accession to the EU. The report analyzes possible ways to accelerate economic growth and improve the business environment for the private sector.
“The objective of the report is to better understand the impact of a deeper integration between the region and the EU, as well as within the countries of the region, on growth,” said Sanjay Kathuria, World Bank Lead Economist and lead author of the report.
“The strong economic justification for deeper integration within the Western Balkans provided by the report will hopefully also help motivate improved regional stability,” added Kathuria. Given the small size of Western Balkan economies, the report emphasizes the critical importance of exports for growth, and in turn, the importance of foreign direct investment for exports, and suggests some priorities, such as more competitive markets, developing human capital, lower telecommunication costs, and avoiding energy shortages.
The report comes at an important time for the region’s development. Its objective is to improve our understanding of the underlying dynamics of the economies of the Western Balkans, and provide analytical foundations for policy actions needed to foster eventual integration of these countries into the European Union.