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Although the the countries of the Western Balkans have improved the linkage of their economies with the rest of the world, there is still have room for further improve.
The World Bank reports in its latest regional report that the 2018 Multidimensional Connectivity (MDC), ranking the countries from 1 (highest integration) to 113 (lower), shows that Serbia is currently ranked first in the region for stronger economic ties with the rest of the world, getting 82 points, while Albania got 75 points ranking poorest in the region.In general, Western Balkan countries are ranked on an average level globally on economic ties with the rest of the world, but very low compared to the European average and Central Asia (ECA).
Since 2008, the number of bilateral investment treaties signed by the West with the Balkan countries is among the highest in the ECA. This suggests a need for trade and investment treaties to deepen further to reduce bureaucracy. Perhaps more importantly, the investment environment becomes more attractive.
The multi-year Action Plan of the Western Balkans 2017 to develop a Regional Economic Zone (MAP-REA) provides a plan for expanding trade, investment, mobility and the digital economy.
A determined commitment to advance such reforms will help Western Balkan countries achieve a balanced economic link with the rest of the world.
The World Bank suggests that in terms of trade, in addition to improving physical infrastructure and tariff approximation, the Western Balkans should create a single window to reduce barriers and improve cross-border trade.
For mobility, policy options are mutual recognition of academic qualifications and reforms to build human capital. For the digital connection, the priorities are the elimination of regional roaming tariffs, a unified approach to digital security and data protection and high speed broadband.