The Impact of the Energy Crisis on the Economic Parameters of the Western Balkans

Abstract

World fuel crisis, rising prices, global warming and climate changes are influencing all of the world economies. Small countries like in the Western Balkans that have open economies are also feeling the impacts of these events. The energy crisis has reflected all the economic parameters in all the economies worldwide. Evidently that as soon as someone thinks that one crisis is overcome, there is another wave that strikes even harder and makes the whole situation even worse than expected. At first there was the COVID-19 pandemic, where the economy had the first touch of the bottom, then the Russian invasion over Ukraine that grew in warzone and the economy of the Western Balkans countries hit the bottom again. As it was not enough, the prices of emergences are sky hi and the economies of these countries have to take even that burden and again hit the bottom as hard as it can hit.