EGRESS OF THE CRISIS: STAGNATION OR GROWTH?
Journal Title: EMC Review: Časopis za ekonomiju i tržišne komunikacije - Year 2014, Vol 7, Issue 1
Abstract
The global economic crisis has left a huge impact on the economies of many countries and has destroyed their financial systems. While at the beginning the main problem was prevention of complete collapse of the financial system, now, a few years later, the economy faces with the problem of stagnation. Predictions about the end of crisis by 2010 was wrong. Even if the countries get out of crisis, we don’t know what kind of recovery it will be. Will it have the characteristics of the impressive growth or will it be very low? Government intervention is necessary to stimulate economic growth in this situation. The market is good regulator, but it is not efficient enough to solve problems caused by the crisis. The aim of this paper is showing that overcoming the crisis mainly involves a long period of economic stagnation in affected countries and that high rates of economic growth a few years after the beginning of the crisis are not real. After every major breakdown it is required a decade-long period in order to be “broken” economy pulled out of recession, and only after the stabilization of the economy, which means stagnation, one can expect a slight growth. In this paper it will be used the following methods: analysis, synthesis method, the method of abstraction, comparison method, the method of generalization. The research will be conducted on a random sample of European countries that have been selected by free choice, given the country’s size, population and level of economic development. Belgium, Sweden, the Czech Republic and Austria have the approximate size of the country’s population and level of economic development. These countries will be observed in the group of developed countries. Within the group of developing countries it will be analyzed the following countries: Serbia, Bosnia and Herzegovina (BiH), Croatia and Albania.
Authors and Affiliations
Sonja Arsić, Jelena Obradović
Keywords
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