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Economic growth matters, but is just one facet of development. Policy makers are required to reconcile economic, social and environmental objectives to ensure that their country’s development path is sustainable and that the lives of its citizens improve. At the same time, the achievement of economic, social and environmental objectives needs strategies for reform that factor in the complementarities and trade‑offs across policies.
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The Western Balkans have come a long way over the last two decades, achieving significant economic and social progress, leading to poverty reduction and improved living standards. Geographical proximity to important European markets and production networks, and the ongoing integration with the European Union (EU) have offered additional opportunities for the region to attract international investment, boost competitiveness, develop attractive tourism destinations, and strengthen democratisation processes. In the decade leading up to the global financial crisis in 2008, most regional economies experienced dynamic growth and financial sector expansion. However, the crisis was followed by much more subdued economic performance. Moreover, deep-seated social, institutional and environmental challenges in the region remain pressing. Therefore, the region stands to benefit from more in-depth multilateral engagement and regional collaboration. Innovative solutions will be key to address the challenges ahead and to set the basis for more inclusive and sustainable development.
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The Western Balkans have come a long way over the last two decades. Today, the six economies have a combined gross domestic product (GDP) of close to USD 309 billion (in purchasing power parity [PPP] terms) – up from USD 106 billion (PPP) in 2000. The region’s 17.6 million inhabitants enjoy an average GDP per capita of about USD 17 000 (PPP) up from USD 6 000 (PPP) in 2000.
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