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was faster than both in the EU and worldwide, this growth halved following the global financial crisis - stalling the pre-crisis convergence of countries in the Western Balkans with EU living standards.
“The key, now, is to prioritise policies that can spur private sector investment, help deepen regional integration, and create jobs,” Harald Waiglein, director general for economic policy, financial markets and customs duties at the Min- istry of Finance of Austria was cited as saying.
Increasing exports, investments, and employ- ment are all priority areas for policymakers, according to the report.
Stronger regional integration can help raise exports as a share of GDP, which would have to double in order to match those of other small transition economies that are now in the EU.
Private investment in countries where the public
sector is still the main driver of the economy will also need to increase.
The report says that low and slow-growing productivity levels in the Western Balkans require improvements in the business environ- ment that can attract private investment and spur enterprise growth.
The jobless rate in the region is almost twice as high as in other small transition economies that are now in the EU, the report concluded.
The World Bank said the key is to increase participation in the labour market in the region as half of the working age population in the Western Balkans is seeking work and a quarter of job-seekers are failing to find it.
“This can be done by addressing disincentives for work, while simultaneously removing barri- ers to employment faced by older workers, youth, women, and minorities,” the report concluded.
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