Drivers and Performance of Exports in WB6 – An Empirical Investigation of the Current Dynamics
Keywords:
panel data; exports; determinants; BalkansAbstract
This paper investigates the main drivers of exports in the case of the Western Balkans six countries. These countries share common realities with respect to socio-economic and political climate, while also sharing the objective of successfully finalizing the EU integration process. In line with this long-awaited step, major reforms are being undertaken to ensure that regardless of their small market sizes, these economies grow strong and stable together by ensuring regional integration. In this regard, different projects are being implemented with the support of EU and the World Bank aiming to advance regional integration as a first step to EU integration. Exports play a significant part in this process and the economic development of the respective countries and the region. Thereupon, this paper examines four different indicators to bring to light those determinants that must be at the forefront of our reforms and policies. Secondary data is retrieved for the last decade 2012-2022 (inclusive) from World Bank database. Panel data regression analysis is used to understand the relationships between the selected variables. Findings and recommendations of this study are useful to policymakers, international strategic partners, and academia.
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