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Research Paper | Economics | Macedonia | Volume 6 Issue 6, June 2017 | Popularity: 6.4 / 10

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Small Countries in West Balkan and their Economic Advantages

Shekerinka Ivanovska

Abstract: In the last few decades the economical, political stability and the peace contributed for the expansion of new small countries in the world. That role is not a minor one. The small countries are not a new phenomena, therefore in our papers we explore two important aspects 1) If the size of the countries is influential for an economical benefit and success, 2) Which are the economical advantages of the small countries in the Western Balkans and their participation for a successful participation on the European market. The big countries have great political powers, but that is not rule for the economical power. The survey in the biggest countries in the world toward gross domestic product - GDP per capita confirm thesis that it is not a measure for her economical power. So, small countries as Singapore, Luxemburg and other have obvious high economical growth. It is a similar condition in the European Union. Small countries that became later members of the Union, made a very high GDP per capita (Slovakia, The Chez Republic, Slovenia, Hungary). The small countries in Western Balkan (Macedonia, Serbia, Bosnia and Herzegovina, Croatia and others) need economical size, and it can be implemented through economical integration. Better access in the international and European market can be accomplished through their economical and competitive advantages and innovations. The competitive advantages and state wealth are created at microeconomic level. But, the state as a factor can help through economic liberalization, establishing quality public institutions, through developing stable political, system of law and financial system as well. All of them have to stimulate the macro environment and create better organizational contribution and condition.

Keywords: small country, economic cooperation, competitive advantages, small enterprises, entrepreneurship

Edition: Volume 6 Issue 6, June 2017

Pages: 1619 - 1622

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