Economic growth in the Balkan area: An analysis of economic β-convergence

Authors

DOI:

https://doi.org/10.3986/AGS.12797

Keywords:

Balkan countries, economic growth, β-convergence, geography

Abstract

The Balkan countries undergoing the transition must advance their economies to be more competitive. The aim of this paper is to analyse economic growth with a primary focus on the analysis of economic convergence in the Balkan region in the period of 1997–2020. The research analyses the following Balkan economies: Albania, Bosnia and Herzegovina, Bulgaria, Croatia, Greece, Montenegro, North Macedonia, Romania, Serbia, and Slovenia. This study applies Gross Domestic Product (GDP) as a measure of economic growth and is based on the neoclassical economic growth model: the Solow's convergence concept. The results show that the Balkan countries experienced economic convergence with a speed of 1.82% in the cross-sectional model and 7.87% in the panel data model. It means that the initially less developed economies noted higher economic growth than those richer.

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Published

09-02-2024

How to Cite

Grodzicki, T., Jankiewicz, M. 2024: Economic growth in the Balkan area: An analysis of economic β-convergence. Acta geographica Slovenica 64-1. https://doi.org/10.3986/AGS.12797

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