Benchmarking analysis of key macroeconomic parameters of the Western Balkan countries

Abstract

Benchmarking analysis as a method of insight into the competitiveness of economic entities is often applied in the case of countries as well. With this type of analysis, it is possible to determine which segment of the economy of a certain country needs to be improved, in order to increase the overall competitiveness of the country. By benchmarking analysis of the key macroeconomic parameters of the countries of the Western Balkans (Serbia, Bosnia and Herzegovina, Montenegro, North Macedonia and Albania), we will determine the current competitive position of the Republic of Serbia in relation to the listed competitors (neighbouring countries). For these purposes, we analysed various macroeconomic parameters of the countries of the Western Balkans, such as GDP growth rates for the period of the last 10 years (from 2012 to 2021), GDP current/constant prices, GDP PPP, GDP per capita/PPP, unemployment rate, inflation rate and debt to GDP for 2021. The last group of data that we analysed in this paper consisted of the Total investment percentage of GDP of the countries of the Western Balkans for the period from 2012 to 2021, as well as the average level of the specified parameter in the observed period.