EXPERIENCES OF ECONOMIC, INSTITUTIONAL AND DEMOGRAPHIC TRANSITION IN THE WESTERN BALKANS

<p>The countries of the Western Balkans have behind them two and a half decades of too slow recovery. The paper tests the hypothesis that without stable development institutions and adequate economic reforms, high rates of economic growth that will lead to sustainable development are not possible. Low rates of growth and living standards result in population emigration and "brain drain". The Western Balkans is becoming an aging society due to the fact that a fifth of the inhabitants born in the Western Balkans live abroad today. We observed the transition of the countries of the Western Balkans through three periods: from 2000-2008 year, then the period after the outbreak of the global financial crisis in 2009-2019 year and the period from the outbreak of the COVID-19 pandemic to today (2019-2024).</p>