The Impact of the Global Economic Crisis on the Economy in the Region

Abstract

For a long time, it has been clear that in modern conditions the market has become an imperfect coordinating mechanism. This fact is confirmed by the great dynamics of economic activity worldwide as well as different action of the state in economic and social spheres. This paper focuses on three countries in Southeast Europe that were once part of the unique state of Yugoslavia, of which one has become a full member of the EU since long ago. Except for the consequences for the Serbian economy, the impact of the financial crisis can be seen in the example of Slovenia and Croatia. The goal of such an approach was to realise all
the experience of the economic policy in Serbia and its neighbouring countries. The results of this research can be used as guidelines for the economic policy in the years to come, and this approach is necessary because the economic crisis has not been overcome yet. The goal of this paper is to analyse the consequences as well as the concrete factors that have brought to the newest economic crisis, whose first symptoms appeared in May 2007 and later began to spread over the world economy and the neighbouring countries included in the paper.