The Open Economy as a Recovery Factor for the SEE and the BSEC Countries – Before and after the Crises (2003-2011)

Abstract

The aim of this study is to provide a critical analysis of the economic development trends of the SEE and the BSEC countries in terms of identification of key factors supporting GDP growth and post-crisis recovery. The paper is structured in two parts. The first part presents a comparative monitoring analysis of the trends in the import and export flows for the period 2003-2011 in the selected SEE and the BSEC countries. The second part presents GDP growth rate models of the selected SEE and the BSEC countries in terms of the level of openness of their economies and the dynamics of their export and import flows (single and multiple regressions).