The social consequences of the global economic crisis in South East Europe

The impact of the Eurozone crisis on the peripheral countries of the EU has been well documented, with much commentary and debate about the social and economic impact on EU Member States such as Greece, Spain and Portugal. However, the serious social consequences of the economic crisis on the countries of South East Europe have been far less in the spotlight of public awareness. The global economic crisis, followed in swift succession by the Eurozone crisis, has left a deep imprint on the countries of the region, as trade and investment flows have been severely disrupted. As businesses find it increasingly hard to obtain credit, and as governments throughout the region have adopted austerity measures, unemployment has increased sharply. In several countries of the region youth unemployment has become a significant issue, with rates of youth unemployment rising well above 50% in Bosnia and Herzegovina and Serbia, and other countries not far behind. In 2012, several countries experienced a double dip recession. Being highly integrated into the EU the region is susceptible to the ongoing economic crisis of the Eurozone. New policies for growth, relying far more than in the past on the region’s own resources, on more effective regional cooperation, as well as on a speedier path of EU accession will be essential to overcome some of the more intractable social problems that the region faces. The book presents a comprehensive snapshot of the social situation in the region of South East Europe, and sheds new light on the nature and depth of the social challenges that the region faces.