The Balkan Peninsula

Romania Despite rich natural resources, Romania has remained impoverished (poor). Nikolai Ceausescu, the second Communist leader of Romania, led the country into economic chaos until he was forced from office and executed in 1989.

Economic Recovery Ineffective gov’t have failed to provide economic reforms. Investment by an American soft drink maker has helped entrepreneurs to make small fortunes and through the multiplier effect, 11 new jobs were created for every new job the company brought.

Bulgaria Because of fertile soil and mild climate, Bulgaria is known as the “garden of Europe.” The Bulgarians, a Slovak people, have long been supported by the Russians (also Slovak). Russian (Communist) control was welcomed after WWII.

Communism Turned Away Bulgaria turned away from Communism in the early 1990’s and now has a democratic gov’t. Economy fell in early 1990’s but has recovered due to demand for their good in the West and tourism on the coast of the Black Sea. Tourism has brought desperately needed foreign currency.

Albania Known for decades as “Europe’s Hermit,” Albania is now rebuilding links to many other nations. Albanians live in a small nation with a distinctive culture, and have often felt threatened by neighboring nations.

Albania Continued… After WWII, its Communist leaders turned away from both Soviet Union and China, leaving it isolated and poor. Since the end of Communism in 1990’s, Albania has received $ billions in foreign aid and from Albanians living in other nations.

Slow Growth Greek and Italian manufacturers have built factories in Albania to take advantage of the low wages. Internal politics and an influx of refugees from Kosovo in 1999 have slowed economic growth.

Slovenia; Croatia; Bosnia- Herzegovina These three countries are the result of the former Yugoslavia. Since the fall of Yugoslavia, the countries have suffered from violence, genocide, poverty, starvation, and mass emigration. Some stability has arrived in recent years due to foreign aid and the United Nations.