The European Bank for Reconstruction and Development published a report for the Western Balkan economy.
The report tries to avoid pessimistic tones, but it notes that the region will need decades to reach the average living standards of EU countries.
The report sees weak institutions and difficult business environments as the main obstacle for economic development of the region, in almost all Western Balkan countries.
However, the Deputy Director for Economy and Policies at the EBRD, Peter Sanfey, is optimistic that these obstacles can be overcome, if they are addressed properly.
The report appeals the countries of the region to encourage a private and dynamic private sector, with the government playing an important role by guaranteeing the rule of law, a stable macroeconomic environment and clear rules for businesses.
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