<abstract xmlns="http://www.w3.org/1999/xhtml">

<p>Competitiveness, as a complex concept, can be observed in different ways, from the perspective of an individual, group, company and/or state. The subject of this paper deals with competitiveness of national economies observed through factor analysis, with a particular focus on the level of macroeconomic stability. Through the application of the Analytical-Hierarchical Process (AHP) method, special attention has been paid to the comparative ranking of Western Balkan countries. The ranking has been made in relation to macroeconomic stability and the positions of countries in the ranking of the World Economic Forum, based on the Global Competitiveness Index, for three defined periods of time. The paper identifies key factors that affect the competitiveness of Western Balkan countries. Research findings show that macroeconomic stability has a strong impact on the level of global competitiveness of national economies.</p>
</abstract>

Competitiveness, as a complex concept, can be observed in different ways, from the perspective of an individual, group, company and/or state. The subject of this paper deals with competitiveness of national economies observed through factor analysis, with a particular focus on the level of macroeconomic stability. Through the application of the Analytical-Hierarchical Process (AHP) method, special attention has been paid to the comparative ranking of Western Balkan countries. The ranking has been made in relation to macroeconomic stability and the positions of countries in the ranking of the World Economic Forum, based on the Global Competitiveness Index, for three defined periods of time. The paper identifies key factors that affect the competitiveness of Western Balkan countries. Research findings show that macroeconomic stability has a strong impact on the level of global competitiveness of national economies.

Analysis of the Impact of Macroeconomic Stability on the Level of Global Competitiveness of Western Balkan Countries

Journal of Central Banking Theory and Practice

This work is licensed under the Creative Commons Attribution 4.0 International License.

Competitiveness, as a complex concept, can be observed in different ways, from the perspective of an individual, group, company and/or state. The subject of...

Analysis of the Impact of Macroeconomic Stability on the Level of Global Competitiveness of Western Balkan Countries

Published Online: May 12, 2021

Page range: 23 - 37

Received: Dec 07, 2020

Accepted: Dec 29, 2020

DOI: https://doi.org/10.2478/jcbtp-2021-0012

Keywords
global competitiveness, macroeconomic stability, national economy, GCI, Western Balkans

© 2021 Nikola Milović et al., published by Sciendo

This work is licensed under the Creative Commons Attribution 4.0 International License.

Analysis of the Impact of Macroeconomic Stability on the Level of Global Competitiveness of Western Balkan Countries

Published Online: May 12, 2021

Page range: 23 - 37

Received: Dec 07, 2020

Accepted: Dec 29, 2020

DOI: https://doi.org/10.2478/jcbtp-2021-0012

Keywordsglobal competitiveness, macroeconomic stability, national economy, GCI, Western Balkans

© 2021 Nikola Milović et al., published by Sciendo

This work is licensed under the Creative Commons Attribution 4.0 International License.

Keywords
global competitiveness, macroeconomic stability, national economy, GCI, Western Balkans