This document provides an analysis of economic factors related to foreign direct investment in media markets across Southeast Europe. It examines data on 16 countries and identifies several key factors that influence the potential profitability of investing in different media industries and locations. The author concludes that the most profitable countries for foreign investment in printed, television, and radio media are Turkey, Bulgaria, and Hungary. Investing in radio is found to be the least profitable due to low consumption and high market concentration across the region.
This document summarizes a study on the internationalization of business investments in research and development (R&D) in Europe. Some key findings are:
1) R&D internationalization is highest in small EU countries, with over 50% of R&D spending coming from foreign-owned firms in countries like Austria, Belgium, and Ireland. Large countries like Germany and the UK have around 25% of R&D spending from foreign-owned firms.
2) Around half of all R&D spending by foreign-owned firms in the EU can be assigned to firms from other EU member states, showing strong intra-EU integration. The US is also an important investor in the EU.
3)
This document discusses foreign direct investment (FDI) in Romania. It begins by defining FDI and explaining why countries seek to attract it. There are three main types of FDI: greenfield investment, mergers and acquisitions, and corporate development. Romania is attractive to FDI due to its skilled labor force, low costs, strategic location, and access to EU markets. Privatization reforms in the 1990s were slow at first but increased FDI inflows after 1996. The largest sources of FDI in Romania are from European countries like the Netherlands, Austria, and Germany. However, FDI is highly concentrated in the Bucharest-Ilfov region due to its infrastructure and skilled workforce, exacerbating regional economic dispar
This document provides a summary of the key points from a report published by the OECD on competitiveness in South East Europe. The report assesses 15 policy dimensions related to competitiveness in 6 economies in the region - Albania, Bosnia and Herzegovina, the Former Yugoslav Republic of Macedonia, Kosovo, Montenegro, and Serbia. It provides indicators to benchmark performances within the region and against the EU. The report was developed through cooperation between SEE governments, regional networks, and the OECD, and acknowledges progress made while calling for more strategic policymaking and stakeholder engagement to further boost competitiveness.
The paper studies labour developments in Moldova during transition period. The questions addressed are the size and character of labour market adjustment. Established data sources have been complemented by the results of available surveys to get more precise estimates of the effective employment. Wage data was adjusted for the stock of arrears. We conclude that adjustment to the new market order in Moldova has been done trough prices, which is similar to other FSU countries. Real wages, if adjusted for arrears, amount to only 14% of the pre-transition level. On the other hand, only small labour shedding is observed. Registered unemployment rate is one of the lowest in the FSU and CEE countries. Such way of adjustment has a number of negative consequences, the most important being the phenomenon of unpaid leaves. It appears, that only formal affiliation with enterprise remains, leaving those people effectively unemployed. Survey evidence report double-digit open unemployment rates, with widespread under-employment. With no system of unemployment benefits in place, a substantial number of labour force is involved in survival informal activities.
Authored by: Elena Jarocinska
Published in 2000
Global Trends in R&D-Intensive FDI and Policy Implications for Developing Cou...iBoP Asia
This document summarizes recent trends in research and development (R&D)-intensive foreign direct investment (FDI) and discusses policy implications for developing countries. It finds that while global R&D networks are becoming more multi-polar with some developing countries becoming destinations and sources of R&D FDI, this is largely driven by China and India. Growth of R&D FDI may be slowing due to mature corporate networks and economic crises. Developing effective policies can help countries attract and benefit from R&D FDI by building absorptive capacity. Both direct effects like new R&D jobs and indirect effects like knowledge spillovers must be considered.
Dr Dev Kambhampati | Doing Business in Hungary- 2014 Country Commercial Guide...Dr Dev Kambhampati
This document provides an overview and guidance for U.S. companies on doing business in Hungary. It discusses Hungary's political and economic environment, opportunities for selling U.S. products and services in Hungary, and considerations for entering the Hungarian market. Specifically, it outlines strategies for using agents or distributors, addresses EU regulations on distribution agreements, and provides guidance on data privacy and protection standards when transferring customer data between the U.S. and Hungary.
This document summarizes a research paper that analyzes the effects of international trade on economic growth in China. It begins with an overview of China's rapid economic growth and integration into the global economy. It then reviews literature showing that international trade can positively impact productivity and growth. The paper aims to examine these effects in China through econometric and non-parametric analysis of panel data from 2002-2007. It finds that increasing trade volume and high-tech exports led to productivity gains across Chinese regions, with eastern regions developing most due to greater trade participation.
Foreign Direct Investment and Foreign Aid as Factors of GrowthNicolas Vander Meer
This document provides a literature review on foreign direct investment (FDI) and foreign aid as factors of economic growth. The key points are:
1) Recent research shows that FDI can positively impact growth through productivity spillovers from technology and knowledge transfers, as well as supply chain linkages, which can create feedback loops that attract more FDI. However, the size of these effects is difficult to measure.
2) While older studies found no effect of foreign aid on growth, more recent work shows aid can boost growth when paired with good economic policies in recipient countries. However, aid is often misallocated and could reduce poverty even more if distributed efficiently.
3) The relationships between FDI, aid
This document summarizes a study on the internationalization of business investments in research and development (R&D) in Europe. Some key findings are:
1) R&D internationalization is highest in small EU countries, with over 50% of R&D spending coming from foreign-owned firms in countries like Austria, Belgium, and Ireland. Large countries like Germany and the UK have around 25% of R&D spending from foreign-owned firms.
2) Around half of all R&D spending by foreign-owned firms in the EU can be assigned to firms from other EU member states, showing strong intra-EU integration. The US is also an important investor in the EU.
3)
This document discusses foreign direct investment (FDI) in Romania. It begins by defining FDI and explaining why countries seek to attract it. There are three main types of FDI: greenfield investment, mergers and acquisitions, and corporate development. Romania is attractive to FDI due to its skilled labor force, low costs, strategic location, and access to EU markets. Privatization reforms in the 1990s were slow at first but increased FDI inflows after 1996. The largest sources of FDI in Romania are from European countries like the Netherlands, Austria, and Germany. However, FDI is highly concentrated in the Bucharest-Ilfov region due to its infrastructure and skilled workforce, exacerbating regional economic dispar
This document provides a summary of the key points from a report published by the OECD on competitiveness in South East Europe. The report assesses 15 policy dimensions related to competitiveness in 6 economies in the region - Albania, Bosnia and Herzegovina, the Former Yugoslav Republic of Macedonia, Kosovo, Montenegro, and Serbia. It provides indicators to benchmark performances within the region and against the EU. The report was developed through cooperation between SEE governments, regional networks, and the OECD, and acknowledges progress made while calling for more strategic policymaking and stakeholder engagement to further boost competitiveness.
The paper studies labour developments in Moldova during transition period. The questions addressed are the size and character of labour market adjustment. Established data sources have been complemented by the results of available surveys to get more precise estimates of the effective employment. Wage data was adjusted for the stock of arrears. We conclude that adjustment to the new market order in Moldova has been done trough prices, which is similar to other FSU countries. Real wages, if adjusted for arrears, amount to only 14% of the pre-transition level. On the other hand, only small labour shedding is observed. Registered unemployment rate is one of the lowest in the FSU and CEE countries. Such way of adjustment has a number of negative consequences, the most important being the phenomenon of unpaid leaves. It appears, that only formal affiliation with enterprise remains, leaving those people effectively unemployed. Survey evidence report double-digit open unemployment rates, with widespread under-employment. With no system of unemployment benefits in place, a substantial number of labour force is involved in survival informal activities.
Authored by: Elena Jarocinska
Published in 2000
Global Trends in R&D-Intensive FDI and Policy Implications for Developing Cou...iBoP Asia
This document summarizes recent trends in research and development (R&D)-intensive foreign direct investment (FDI) and discusses policy implications for developing countries. It finds that while global R&D networks are becoming more multi-polar with some developing countries becoming destinations and sources of R&D FDI, this is largely driven by China and India. Growth of R&D FDI may be slowing due to mature corporate networks and economic crises. Developing effective policies can help countries attract and benefit from R&D FDI by building absorptive capacity. Both direct effects like new R&D jobs and indirect effects like knowledge spillovers must be considered.
Dr Dev Kambhampati | Doing Business in Hungary- 2014 Country Commercial Guide...Dr Dev Kambhampati
This document provides an overview and guidance for U.S. companies on doing business in Hungary. It discusses Hungary's political and economic environment, opportunities for selling U.S. products and services in Hungary, and considerations for entering the Hungarian market. Specifically, it outlines strategies for using agents or distributors, addresses EU regulations on distribution agreements, and provides guidance on data privacy and protection standards when transferring customer data between the U.S. and Hungary.
This document summarizes a research paper that analyzes the effects of international trade on economic growth in China. It begins with an overview of China's rapid economic growth and integration into the global economy. It then reviews literature showing that international trade can positively impact productivity and growth. The paper aims to examine these effects in China through econometric and non-parametric analysis of panel data from 2002-2007. It finds that increasing trade volume and high-tech exports led to productivity gains across Chinese regions, with eastern regions developing most due to greater trade participation.
Foreign Direct Investment and Foreign Aid as Factors of GrowthNicolas Vander Meer
This document provides a literature review on foreign direct investment (FDI) and foreign aid as factors of economic growth. The key points are:
1) Recent research shows that FDI can positively impact growth through productivity spillovers from technology and knowledge transfers, as well as supply chain linkages, which can create feedback loops that attract more FDI. However, the size of these effects is difficult to measure.
2) While older studies found no effect of foreign aid on growth, more recent work shows aid can boost growth when paired with good economic policies in recipient countries. However, aid is often misallocated and could reduce poverty even more if distributed efficiently.
3) The relationships between FDI, aid
This document summarizes a study that examined factors affecting foreign direct investment (FDI) flows to Ethiopia from 1990 to 2011. The study used a multiple regression model to analyze the relationship between FDI inflows as a percentage of GDP (the dependent variable) and five independent variables: market size, trade openness, inflation rate, infrastructure, and human capital. Time series data from 1990 to 2011 on these variables was obtained from the World Bank and analyzed. The findings showed that trade openness and inflation rate had a significant impact on FDI flows to Ethiopia, while no clear relationship was found for market size, infrastructure, and human capital.
In the present conditions, Serbia is ahead of the choice of development model and economic growth. The object of this paper is to look at the place and role of tourism in general economic development. The aim of the paper is to present the facts that tourism in Serbia still does not take adequate treatment in strategy and development models. Serbia with no doubt has the quality of the basic for the development of tourism. Natural attractions, as well as the established level of accommodations and other facilities refers to the fact that Serbia can develop many types of tourism, especially if it is taken into account the spatial diversity of Serbian natural resources. These resources offer opportunities for practicing a variety of sports and recreational activities (in the winter and summer season), as well as recovery and rehabilitation, and engaging in hunting and fishing and other activities related to staying in a number of destinations (points, areas) in Serbia.
This paper investigates the barriers to innovation perceived by Polish manufacturing firms. It refers to the heterogeneity of innovation active firms. We introduce a taxonomy of innovative firms based on the frequency with which they introduce commercialised innovations using data from both CIS4 (for 2002-2004) and CIS5 (2004-2006). Two groups of innovation-active firms are distinguished: those which introduced innovation in both periods covered by both CIS (which we call persistent innovators) and those which introduced innovation either in CIS4 or CIS5 (which we call occasional innovators). We use a four step analysis covering binary correlations, Principal Component Analysis, probit model and correlations of disturbances. Two types of explanatory variables describing firms’ characteristics and innovation inputs used are considered. The paper shows that there are considerable differences in sensitivities to the perception of innovation barriers and in complementarities among barriers between persistent and occasional innovators. In the case of occasional innovators, a kind of innovation barrier chain is observed. This has an impact on differences in the frequency of innovation activities between the two groups of innovators and results in a diversification of innovators.
Authored by: Ewa Balcerowicz, Marek Pęczkowski, Anna Wziatek-Kubiak
Published in 2011
Ethiopia’s export performance with major trade partners a gravity model approachAlexander Decker
This document analyzes factors that determine Ethiopia's export flows to major trading partners using a gravity model approach. It examines both supply-side factors like a country's production capacity as well as demand-side factors like market access conditions. The study uses data from 1995-2010 for 14 importing countries and employs a random effects gravity model. The model results show that per capita GDP, population size, and distance between countries significantly impact Ethiopia's export levels, while the effects of Ethiopia's population size and bilateral exchange rates are insignificant or opposite of what was hypothesized.
Ponieważ jesteśmy w okresie kampanii wyborczej podrzucam wszystkim dokument, który może służyć do oceny jakości programów wyborczych wszystkich aspirujących do swojej roli wybrańców narodu :)
Investment in Poland and support programsJames Deiotte
Presentation for investors considering a move to Poland. Provided overview of macroeconomic environment and incentive programs from the EU and Polish government
See more studies and complete blog article:
http://ged-project.de/2014/03/31/profits-globalization/
Globalization, understood as the economic, political and social interconnection of countries, leads to increased economic growth. On average, the more a country proceeds its interconnection with the rest of the world, the greater its economic growth will be. If real per capita gross domestic product (GDP) is chosen as the reference index for the economic benefits of globalization, Finland can point to the largest gain from globalization from 1990 to 2011. Ranked according to this perspective, Germany holds fourth place out of a total of 42 economies evaluated.
The updated data shows the following trends in digital development in the Baltic Sea Region:
1) Estonia continues to close gaps with Nordic countries like Norway, Sweden, and Finland in categories like internet usage and household internet access.
2) Latvia and Lithuania are not improving as quickly and risk falling further behind the leaders. Poland also lags but is making progress.
3) Sweden is showing slower development in areas like cross-border e-commerce and e-government, which could allow other countries to surpass it.
4) An "updated gap size graph" shows the remaining digital divides between countries in the region across 10 indicators.
The Relation Between Exports of Main Products And Economic Growth of Key Econ...inventionjournals
This paper clarifies the literature of key product export growth and regional economic growth. The paper analyses impacts of key product export on regional economic growth and vice versa. The paper provides recent empirical evidence of the relation. Besides an evaluation of the recent relation between export growth and economic growth in Viet Nam, the paper assesses the relation between key product export and economic growth during 1996-2012 period based on quantitative and qualitative approaches. With constructed models, the paper examines the relation between key product export and economic growth and concludes that it is positive. The research findings show that key product export in every economic region contributes positively to regional economic growth although it varies in different regions. Based on existing literature and empirical analysis, the paper provides a number of strategies to improve key product export contribution to key economic regions in the most effective manner and vice versa. The paper creates a fundament for researchers and policy makers both regionally and nationally in order for developing effective orientations, policies and measures for promoting export and sustainable eoconomic development.
Россия значительно улучшила свое положение в глобальных цепочках добавленной стоимости (global value chains или GVC) с середины 1990-х годов, говорилось в исследовании ЕЦБ, опубликованном прошлым летом. Авторы рассматривали изменения, произошедшие в период с 1995 по 2011 год.
The document discusses the Lisbon objectives to make the EU the most competitive knowledge-based economy by 2010 and issues around falling behind in research and development. It outlines that while services make up a large part of the EU economy, productivity growth in key services has been lower than in the US. Additionally, while services innovation is growing, it differs from traditional models of innovation and is still not well understood. Better measures and policies are needed to support innovation in the changing service economy.
The relationship between amman stock exchange (ase) market and real gross dom...Alexander Decker
This document summarizes a study that investigated the relationship between Amman Stock Exchange (ASE) market development and Real Gross Domestic Product (GDP) in Jordan from 1999-2012. Statistical analyses including correlation, regression, and time series techniques were used. The results showed:
1) The industrial sector showed a strong positive relationship with GDP, while other ASE sectors did not correlate significantly with GDP.
2) Simple regression showed ASE market indicators did not affect GDP individually, but multiple regression showed ASE sectors together affected GDP.
3) Stepwise regression identified the industrial sector as having a strong positive effect on GDP, while the insurance sector had a negative effect.
4) Only the industrial sector significantly affected
Why foreign direct investment goes towards central africaAlexander Decker
This document examines the determinants of foreign direct investment (FDI) in Central Africa. It finds that (1) high GDP growth rates attract more FDI to the region, (2) natural resources like oil production also promote FDI inflows, and (3) other factors like human capital, trade openness, and infrastructure development can further increase a country's attractiveness for FDI. The study recommends that governments intensify anti-corruption efforts, encourage private investment, and modernize infrastructure to facilitate business.
This document discusses a methodology for assessing the competitiveness of Arab economies. It uses data from international organizations and surveys of business leaders to evaluate countries across 9 pillars grouped into 3 subindexes related to basic requirements, efficiency enhancers, and innovation. Countries are classified into stages of development based on GDP per capita and the extent they rely on exporting primary goods. The analysis expands coverage to 13 Arab countries and accounts for their diverse economic structures to facilitate benchmarking against comparable economies.
This document summarizes research on home bias and European integration between 2010-2018. The research estimates home bias between 28 EU states using bilateral trade flows and estimates the border effect for trade between countries using a gravity model. It finds that home bias still exists within the EU but is decreasing over time, showing increased integration. Home bias also varies significantly between industries from 86.48 to 2.58 depending on ease of substitution between domestic and foreign goods.
Las economías de la eurozona recuperan su velocidad de crecimiento. La mejora iniciada este año alcanzó un +0,4% en el primer cuatrimestre, y actualmente ha superado el crecimiento de USA y UK en el mismo periodo.
The document discusses a plan for an IT company to be established in Slovenia and the Czech Republic. Key points include:
1) The company will operate as a medium-sized IT services and products company in both countries, exploiting their high education levels and existing IT industry.
2) It will follow a Scandinavian management style and use English as the corporate language to facilitate international expansion and attract foreign talent.
3) The two countries will work closely as a cluster to share resources, drive innovation through joint R&D, and strengthen regional competitiveness.
How to solve the CEE labour force riddle?
Colliers International presents and explains six possible solutions to the puzzle.
http://www.colliers.com/en-gb/emea/insights/ee-research
Quarter after quarter, we will invite local experts in different fields of economy and ask them to present their individual, professional take on the current situation in CEE region, and to share their hopes and expectations. Our goal is to collect a varied array of thoughts and commentaries on the CEE economy that will serve as a kaleidoscopic record of market reality, rather than be a periodic, data-centred analysis. We believe that in this way we can help build a more relatable and engaging platform for dialogue, which will also go beyond the pages of this publication.
Reforming trade in services and negotiation processes in moroccoAdil Diani
Morocco has signed, ratified, and implemented several Free Trade Agreements (FTAs) and is engaged in discussions with other partners. Issues that concern the market of services are gaining in importance in Morocco’s foreign trade policy. Moreover, Morocco has continued to reform its sectoral policies, making notable progress in services sector performances in a bid to diversify its economy.
This paper tries to outline some features that concern the trade in services policies and reforms in Morocco and its negotiation process adopted by enforcing bilateral, regional and multilateral agreements.
Employability in the Cultural and Creative Sectors in Arab Mediterranean Coun...Jamaity
One of the main purposes of our study is to provide the conceptual and policy framework for understanding the creative economy, in order to identify major obstacles to
employment and employability in the cultural and creative sectors in four Arab Mediterranean Countries [AMC]: Palestine, Egypt, Tunisia and Morocco. We aim to identify the main obstacles facing job creation in these sectors, and assess gaps between the supply of skills (by universities and training centers) and their demand (by the labor market). To what extent are employment policies and Active Labor Market Programs [ALMP] in these countries capable of reducing the mismatch in these areas and supporting youth employability?
A preliminary study (literature review to collect data on the subject, including comparative studies for the four countries, etc.) allowed us to identify the main challenges of the cultural and creative sectors in AMC and to analyze the major characteristics of the labor market (section I). We conducted interviews with key-informants and stakeholders, by
developing a single questionnaire (see appendix 1), in order to discuss the specific challenges of each of the four countries (sections II, III, IV and V). Thus, we tried to combine two complementary approaches in our methodology: analysis of key documents and investigation methods used in development projects. While trying to identify our key
informants, we took into account the requirement to meet stakeholders from various backgrounds (including policy makers, cultural managers, artists…). Finally, five sets of
recommendations are suggested according to the main issues and challenges facing employability:
1- Improving the attractiveness and the quality of VET
2- Better preparedness of higher education institutions in order to reduce the skill
mismatch
3- The budget of ministries of culture should be increased and restructured
4- Need for better synergy between the local and the international scene
5- Better inclusive policies are needed for better jobs in the creative sector
Monitoring media pluralism in the digital era : application of the Media Plur...Vittorio Pasteris
Monitoring media pluralism in the digital era : application of the Media Pluralism Monitor 2020 in the European Union, Albania & Turkey : country report : Italy
This document summarizes a study that examined factors affecting foreign direct investment (FDI) flows to Ethiopia from 1990 to 2011. The study used a multiple regression model to analyze the relationship between FDI inflows as a percentage of GDP (the dependent variable) and five independent variables: market size, trade openness, inflation rate, infrastructure, and human capital. Time series data from 1990 to 2011 on these variables was obtained from the World Bank and analyzed. The findings showed that trade openness and inflation rate had a significant impact on FDI flows to Ethiopia, while no clear relationship was found for market size, infrastructure, and human capital.
In the present conditions, Serbia is ahead of the choice of development model and economic growth. The object of this paper is to look at the place and role of tourism in general economic development. The aim of the paper is to present the facts that tourism in Serbia still does not take adequate treatment in strategy and development models. Serbia with no doubt has the quality of the basic for the development of tourism. Natural attractions, as well as the established level of accommodations and other facilities refers to the fact that Serbia can develop many types of tourism, especially if it is taken into account the spatial diversity of Serbian natural resources. These resources offer opportunities for practicing a variety of sports and recreational activities (in the winter and summer season), as well as recovery and rehabilitation, and engaging in hunting and fishing and other activities related to staying in a number of destinations (points, areas) in Serbia.
This paper investigates the barriers to innovation perceived by Polish manufacturing firms. It refers to the heterogeneity of innovation active firms. We introduce a taxonomy of innovative firms based on the frequency with which they introduce commercialised innovations using data from both CIS4 (for 2002-2004) and CIS5 (2004-2006). Two groups of innovation-active firms are distinguished: those which introduced innovation in both periods covered by both CIS (which we call persistent innovators) and those which introduced innovation either in CIS4 or CIS5 (which we call occasional innovators). We use a four step analysis covering binary correlations, Principal Component Analysis, probit model and correlations of disturbances. Two types of explanatory variables describing firms’ characteristics and innovation inputs used are considered. The paper shows that there are considerable differences in sensitivities to the perception of innovation barriers and in complementarities among barriers between persistent and occasional innovators. In the case of occasional innovators, a kind of innovation barrier chain is observed. This has an impact on differences in the frequency of innovation activities between the two groups of innovators and results in a diversification of innovators.
Authored by: Ewa Balcerowicz, Marek Pęczkowski, Anna Wziatek-Kubiak
Published in 2011
Ethiopia’s export performance with major trade partners a gravity model approachAlexander Decker
This document analyzes factors that determine Ethiopia's export flows to major trading partners using a gravity model approach. It examines both supply-side factors like a country's production capacity as well as demand-side factors like market access conditions. The study uses data from 1995-2010 for 14 importing countries and employs a random effects gravity model. The model results show that per capita GDP, population size, and distance between countries significantly impact Ethiopia's export levels, while the effects of Ethiopia's population size and bilateral exchange rates are insignificant or opposite of what was hypothesized.
Ponieważ jesteśmy w okresie kampanii wyborczej podrzucam wszystkim dokument, który może służyć do oceny jakości programów wyborczych wszystkich aspirujących do swojej roli wybrańców narodu :)
Investment in Poland and support programsJames Deiotte
Presentation for investors considering a move to Poland. Provided overview of macroeconomic environment and incentive programs from the EU and Polish government
See more studies and complete blog article:
http://ged-project.de/2014/03/31/profits-globalization/
Globalization, understood as the economic, political and social interconnection of countries, leads to increased economic growth. On average, the more a country proceeds its interconnection with the rest of the world, the greater its economic growth will be. If real per capita gross domestic product (GDP) is chosen as the reference index for the economic benefits of globalization, Finland can point to the largest gain from globalization from 1990 to 2011. Ranked according to this perspective, Germany holds fourth place out of a total of 42 economies evaluated.
The updated data shows the following trends in digital development in the Baltic Sea Region:
1) Estonia continues to close gaps with Nordic countries like Norway, Sweden, and Finland in categories like internet usage and household internet access.
2) Latvia and Lithuania are not improving as quickly and risk falling further behind the leaders. Poland also lags but is making progress.
3) Sweden is showing slower development in areas like cross-border e-commerce and e-government, which could allow other countries to surpass it.
4) An "updated gap size graph" shows the remaining digital divides between countries in the region across 10 indicators.
The Relation Between Exports of Main Products And Economic Growth of Key Econ...inventionjournals
This paper clarifies the literature of key product export growth and regional economic growth. The paper analyses impacts of key product export on regional economic growth and vice versa. The paper provides recent empirical evidence of the relation. Besides an evaluation of the recent relation between export growth and economic growth in Viet Nam, the paper assesses the relation between key product export and economic growth during 1996-2012 period based on quantitative and qualitative approaches. With constructed models, the paper examines the relation between key product export and economic growth and concludes that it is positive. The research findings show that key product export in every economic region contributes positively to regional economic growth although it varies in different regions. Based on existing literature and empirical analysis, the paper provides a number of strategies to improve key product export contribution to key economic regions in the most effective manner and vice versa. The paper creates a fundament for researchers and policy makers both regionally and nationally in order for developing effective orientations, policies and measures for promoting export and sustainable eoconomic development.
Россия значительно улучшила свое положение в глобальных цепочках добавленной стоимости (global value chains или GVC) с середины 1990-х годов, говорилось в исследовании ЕЦБ, опубликованном прошлым летом. Авторы рассматривали изменения, произошедшие в период с 1995 по 2011 год.
The document discusses the Lisbon objectives to make the EU the most competitive knowledge-based economy by 2010 and issues around falling behind in research and development. It outlines that while services make up a large part of the EU economy, productivity growth in key services has been lower than in the US. Additionally, while services innovation is growing, it differs from traditional models of innovation and is still not well understood. Better measures and policies are needed to support innovation in the changing service economy.
The relationship between amman stock exchange (ase) market and real gross dom...Alexander Decker
This document summarizes a study that investigated the relationship between Amman Stock Exchange (ASE) market development and Real Gross Domestic Product (GDP) in Jordan from 1999-2012. Statistical analyses including correlation, regression, and time series techniques were used. The results showed:
1) The industrial sector showed a strong positive relationship with GDP, while other ASE sectors did not correlate significantly with GDP.
2) Simple regression showed ASE market indicators did not affect GDP individually, but multiple regression showed ASE sectors together affected GDP.
3) Stepwise regression identified the industrial sector as having a strong positive effect on GDP, while the insurance sector had a negative effect.
4) Only the industrial sector significantly affected
Why foreign direct investment goes towards central africaAlexander Decker
This document examines the determinants of foreign direct investment (FDI) in Central Africa. It finds that (1) high GDP growth rates attract more FDI to the region, (2) natural resources like oil production also promote FDI inflows, and (3) other factors like human capital, trade openness, and infrastructure development can further increase a country's attractiveness for FDI. The study recommends that governments intensify anti-corruption efforts, encourage private investment, and modernize infrastructure to facilitate business.
This document discusses a methodology for assessing the competitiveness of Arab economies. It uses data from international organizations and surveys of business leaders to evaluate countries across 9 pillars grouped into 3 subindexes related to basic requirements, efficiency enhancers, and innovation. Countries are classified into stages of development based on GDP per capita and the extent they rely on exporting primary goods. The analysis expands coverage to 13 Arab countries and accounts for their diverse economic structures to facilitate benchmarking against comparable economies.
This document summarizes research on home bias and European integration between 2010-2018. The research estimates home bias between 28 EU states using bilateral trade flows and estimates the border effect for trade between countries using a gravity model. It finds that home bias still exists within the EU but is decreasing over time, showing increased integration. Home bias also varies significantly between industries from 86.48 to 2.58 depending on ease of substitution between domestic and foreign goods.
Las economías de la eurozona recuperan su velocidad de crecimiento. La mejora iniciada este año alcanzó un +0,4% en el primer cuatrimestre, y actualmente ha superado el crecimiento de USA y UK en el mismo periodo.
The document discusses a plan for an IT company to be established in Slovenia and the Czech Republic. Key points include:
1) The company will operate as a medium-sized IT services and products company in both countries, exploiting their high education levels and existing IT industry.
2) It will follow a Scandinavian management style and use English as the corporate language to facilitate international expansion and attract foreign talent.
3) The two countries will work closely as a cluster to share resources, drive innovation through joint R&D, and strengthen regional competitiveness.
How to solve the CEE labour force riddle?
Colliers International presents and explains six possible solutions to the puzzle.
http://www.colliers.com/en-gb/emea/insights/ee-research
Quarter after quarter, we will invite local experts in different fields of economy and ask them to present their individual, professional take on the current situation in CEE region, and to share their hopes and expectations. Our goal is to collect a varied array of thoughts and commentaries on the CEE economy that will serve as a kaleidoscopic record of market reality, rather than be a periodic, data-centred analysis. We believe that in this way we can help build a more relatable and engaging platform for dialogue, which will also go beyond the pages of this publication.
Reforming trade in services and negotiation processes in moroccoAdil Diani
Morocco has signed, ratified, and implemented several Free Trade Agreements (FTAs) and is engaged in discussions with other partners. Issues that concern the market of services are gaining in importance in Morocco’s foreign trade policy. Moreover, Morocco has continued to reform its sectoral policies, making notable progress in services sector performances in a bid to diversify its economy.
This paper tries to outline some features that concern the trade in services policies and reforms in Morocco and its negotiation process adopted by enforcing bilateral, regional and multilateral agreements.
Employability in the Cultural and Creative Sectors in Arab Mediterranean Coun...Jamaity
One of the main purposes of our study is to provide the conceptual and policy framework for understanding the creative economy, in order to identify major obstacles to
employment and employability in the cultural and creative sectors in four Arab Mediterranean Countries [AMC]: Palestine, Egypt, Tunisia and Morocco. We aim to identify the main obstacles facing job creation in these sectors, and assess gaps between the supply of skills (by universities and training centers) and their demand (by the labor market). To what extent are employment policies and Active Labor Market Programs [ALMP] in these countries capable of reducing the mismatch in these areas and supporting youth employability?
A preliminary study (literature review to collect data on the subject, including comparative studies for the four countries, etc.) allowed us to identify the main challenges of the cultural and creative sectors in AMC and to analyze the major characteristics of the labor market (section I). We conducted interviews with key-informants and stakeholders, by
developing a single questionnaire (see appendix 1), in order to discuss the specific challenges of each of the four countries (sections II, III, IV and V). Thus, we tried to combine two complementary approaches in our methodology: analysis of key documents and investigation methods used in development projects. While trying to identify our key
informants, we took into account the requirement to meet stakeholders from various backgrounds (including policy makers, cultural managers, artists…). Finally, five sets of
recommendations are suggested according to the main issues and challenges facing employability:
1- Improving the attractiveness and the quality of VET
2- Better preparedness of higher education institutions in order to reduce the skill
mismatch
3- The budget of ministries of culture should be increased and restructured
4- Need for better synergy between the local and the international scene
5- Better inclusive policies are needed for better jobs in the creative sector
Monitoring media pluralism in the digital era : application of the Media Plur...Vittorio Pasteris
Monitoring media pluralism in the digital era : application of the Media Pluralism Monitor 2020 in the European Union, Albania & Turkey : country report : Italy
European Integrative Processes of Albania and Mo.docxhumphrieskalyn
European Integrative Processes of Albania and Montenegro
FEEDBACK and things TO AMEND:
1) The Title has to be re-phrased
2) The Figure of the map is wrong
3) The English used needs to make sense
4) Some facts and statistics are wrong
5) Book to include: “The Europeanisation of the Western Balkans; a Failure of EU conditionality?” ISBN: 978-3-319-91412-1
6) Freedom House has a report on Albania and Montenegro and Check EU parliment resolutions.
7) Create your own opinion, argument and support it by facts.
ABSTRACT
This study is presenting the analysis and evaluation by the use of secondary data from the past researches. The data from the year 2013 to 2017 is utilized in this study to present discussions that are explaining the trends and narrative of the countries to join EU. The conducted study is supporting the discussion by exploring and explaining each aspect of the impact of joining of EU in Albania and Montenegro. This study is presenting the advantages that can be avail by Albania and Montenegro by availing the opportunities through the membership of NATO. The critical literature is presenting the changing trends along with the democratic rights avail by the member countries in Europe under the influence of EU regulations.
Table of Contents
ABSTRACT 2
Chapter 1: Introduction 8
1.1 Research Background 8
1.2 Problem Statement 10
1.3 Research Questions 10
1.4 Research Objectives 11
1.5 Significance of the Study 11
1.6 Project Outline 11
Chapter 2: Literature Review 13
2.1 Chapter Introduction 13
2.2 European Union, its Impacts and Process of Joining 13
2.3 Conceptual Framework 21
2.4 Research Gap 22
2.5 Chapter Summary 22
Chapter 3: Research Methodology 24
3.1 Chapter Introduction 24
3.2 Research Philosophy 24
3.3 Research Type 25
3.4 Research Design 27
3.5 Data Collection Technique 27
3.6 Sampling Technique and Sample Size 28
3.7 Data Analysis 28
3.8 Ethical Consideration 29
3.9 Chapter Summary 31
Chapter 4: Data Analysis and Discussions 32
4.1 Discussions 32
4.2 Chapter Summary 37
Chapter 5: Recommendations and Conclusion 39
5.1 Limitation of the Study 39
5.2 Future Scope 39
5.3 Recommendation 40
5.4 Conclusion 40
6.0 References 42
List of Acronyms
CSR: Corporate Social Responsibility
DPS: Democratic Party of Socialists
ECU: Eurasian Customs Union
EU: European Union
FDI: Foreign Direct Investment
IFDI: Inward Foreign Direct Investment
MNC: Multinational Corporations
NATO: North Atlantic Treaty Organization
SME: Small Medium Enterprise
WTO: World Trade Organization
List of Figures
Figure 1: Countries waiting to join EU13
Figure 2: NATO and EU Relations15
Figure 3: The Economic Impact of Brexit20
Chapter 1: Introduction1.1 Research Background
This thesis is going to prove a comparative analysis of the impact of the process of joining the European Union. As per the analysis of Featherstone and Kazamias (2014), it has been found that the European Union made a step by step improvements and changes in the relations o.
Reasons Why it is Beneficial to Invest in Republic of Kosovonakije.kida
Abstract: The purpose of this paper is to examine the role of Foreign Direct Investment (FDI) in
economic development through the development of the country that has the potential sectors. The
effect of technology in these sectors had risen sector and area that until then had remained neglected.
The paper investigates the impact of foreign direct investment (FDI) in economic growth using
detailed sectoral FDI in Kosovo during the period 2000-2013. Sectors considered are: Agribusiness,
Tourism, forestry, services, manufacturing, mining, energy, construction, wholesale and retail trade,
hotels and restaurants, transport, telecommunications and other sectors. The negative effect of
extractive industries in creating income and environmental pollution in Kosovo is not surprising. FDI
in manufacturing industries by stimulating exports generate more income. FDI are likely to repatriate
their profits but are likely to increase employment. To ensure legal protection for foreign investors,
have signed an agreement with the Agency Multilateral Investment Guarantee (MIGA), the avoidance
of double taxation, taxes are the lowest in Europe. Investment Promotion Agency of Kosovo (IPAK),
the level of government makes the promotion of Kosovo. As a developing country taking the time
information is more difficult but efforts in this direction are great.
Keywords: Foreign direct investment; economic growth; potential sectors; Kosovo
This research statement discusses factors that influence foreign direct investment (FDI) inflows in Middle East and North Africa (MENA) countries compared to European Union countries. It notes that MENA countries have implemented reforms to liberalize economies and encourage FDI, but FDI inflows remain relatively low. A key reason is that MENA countries invest little in science and technology infrastructure and research, and have fewer patents and scientific publications than other regions, limiting their ability to attract and benefit from FDI. Strengthening business linkages between foreign investors and domestic small- and medium-sized enterprises could help transfer technology and skills to upgrade domestic firms in MENA countries.
This document provides a summary of a literature review on the impact of European integration on foreign direct investment (FDI) inflows to Central and Eastern European countries. It finds that previous studies show European integration announcements and progress increased FDI to these countries, as investors anticipated improved institutions and access to EU markets. However, most previous studies did not fully account for different stages of EU integration or the impact of the financial crisis. This study aims to address these gaps by examining the effect of specific political, economic, and monetary integration milestones on FDI inflows to 11 Central and Eastern European EU member states from 1995 to 2013.
The Department of Commerce has determined the economy in the creative industry into 14 (fourteen) sectors: (1) advertising
services, (2) architecture, (3) art and antiques market, (4) craft, (5) design, (6) fashion, (7) video, film and photography, (8)
interactive games (9) music, (10) performing arts, (11) publishing and printing, (12) computer and software services, (13)
television and radio, (14) research and development. Mapping of creative industrial areas is done so that the process of guidance
and distribution of assistance from local and central government and the management of the creative industries from each regi on
focused so that the regions have characteristics in producing the creative industry and can compete in the current era of
globalization. Creative industry in Indonesia began to mushroom in 2007, but many people still do not understand what sectors are
included into the creative industry and its development. With so many people's lack of understanding of the creative industry, it
makes its own homework for the government to socialize the creative industries so that the government seeks to map the creative
industries in Indonesia. Though the creative industry is able to contribute greatly to the Gross Domestic Product (GDP) of an area
and create jobs.
This study aims to further understand the characteristics of creative industries, as well as to identify the constraints and
opportunities faced by creative industry players in Indonesia. To identify and analyze the creative industries used 4 quadrant
statistical methods Location Quadrant (LQ) and Dynamic Location Quotient (DLQ). This study uses secondary data of large and
medium industry statistics as well as small and micro industries in 2010-2013 at Provincial level obtained from the Central Bureau
of Statistics (BPS).
The results of this mapping study will provide a general overview of the creative industries sector that has competitiveness in
every region or province in Indonesia.
Foreign assistance and Moldova’s economic development IDIS Viitorul
The document discusses Moldova's economic development and foreign assistance. It notes that while Moldova has received official development assistance (ODA) for 16-17 years, the impact on economic development is unclear as Moldova went from the highest per capita income in the Soviet Union to one of the poorest countries in Europe. It finds that ODA focuses more on social sectors and governance rather than the real economic sectors, questioning the utility of ODA for economic development. A reorientation towards addressing specific economic problems and constraints could help spur productive activities and ultimately improve social conditions.
The aim of this Special Issue of Central European Political Studies is to
bring media scholars together and to reflect on the current trends in political journalism in our region. The focus of the articles is trained on the discovery of the shifts
and continuities in journalistic practises 25 years after the collapse of the communist regimes. Some of the findings and conclusions presented in the volume come
from studies conducted within the framework of international comparative research
projects such as Worlds of Journalism, Journalistic Role Performance Around the
Globe, or Media Accountability and Transparency in Europe (MediaAcT). The others
come from single, national empirical studies or analyses on the media systems conducted in the Central and Eastern countries.
The document discusses estimating the market value of public sector information (PSI) and public content. It defines PSI as information directly generated by the public sector that is often readily usable in commercial applications. Public content refers to static cultural, educational, and scientific information held by the public sector. The PSI market in the EU27 is estimated to be around €28 billion annually in 2008, and opening access to PSI could provide welfare gains of €40 billion by reducing restrictions and improving access. The total economic impact of PSI is estimated to be around €140 billion annually.
One of the best ways to learn a concept is to teach a concept, and i.docxcarlibradley31429
One of the best ways to learn a concept is to teach a concept, and in this assignment it will be necessary for the learner to understand and explain the concepts from
Modules 1
and
2
in a 7–10-slide PowerPoint presentation. The Internet will be a great resource for completing this assignment because the learner can use keyword phrases to pull the specifics needed to cover the topics and complete the assignment.
You have been asked to create a PowerPoint presentation to train a group of new employees for Future Trends Financial Firm on key concepts of emerging markets. Include the following in your presentation:
Identify and explain key concepts of emerging technologies, highlighting their use and availability for emerging and developed markets.
Define and describe common industry concepts including: institutional voids, business groups, technological capabilities, changing income distribution, and bottom of the pyramid. Please be sure that the correlation between concepts and various markets is appropriate.
Develop a 7–10-slide presentation in PowerPoint format, utilizing at least two scholarly sources. Apply APA standards to the citation of sources.
Make sure you write in a clear, concise, and organized manner; demonstrate ethical scholarship in accurate representation and attribution of sources; display accurate spelling, grammar, and punctuation.
Information from Module 1:
In
Module 1
, you will begin your journey into understanding the concept of EMs. This module’s discussion question and assignment are both designed to help in building the foundation knowledge of understanding EMs.
What is an EM? According to Investopedia (n.d.), an EM is, “A nation's economy that is progressing toward becoming advanced, as shown by some liquidity in local debt and equity markets and the existence of some form of market exchange and regulatory body” (para. 1).
EMs surfaced in the 1970s as
less developed economies
. Countries that are considered EMs possess certain distinguishing traits. Some of the common traits are:
Demanding culture
High rates of immigration
Fragmented market
Growing youthful population
Investors are shifting their investments to EMs because of their potential long-term growth rate (Johnston, 2011). One of the main reasons EMs are rapidly growing is due to the countries' visible economic advancements. According to EPFR Global, a fund tracking company, investors invested more than $50 billion into EMs in 2012 (Bloomberg Businessweek, 2013).
Investopedia. (n.d.).
Emerging market economy
. Retrieved from
http://www.investopedia.com/terms/e/emergingmarketeconomy.asp
Johnston, M. (2011, November 23).
5 factors to consider in choosing an emerging markets ETF
. Retrieved from
http://seekingalpha.com/article/309867-5-factors-to-consider-in-choosing-an-emerging-markets-etf
Bloomberg Businessweek. (2013, January 31).
The top 20 emerging markets
. Retrieved from
http://images.businessweek.com/slideshows/2013-01-31/the-top-20-emergi.
This document summarizes a literature review on technical assistance (TA) to countries in the Commonwealth of Independent States (CIS). It finds that while TA has been widely used in the CIS since the 1990s, there is little research evaluating its effectiveness in these countries. Most studies focus on other regions or individual projects. The literature identifies common problems with TA such as lack of sustainability, weak capacity building, and failure to strengthen local institutions. Donors have made efforts to improve TA through initiatives promoting country ownership and harmonization, but challenges remain. More research is needed on TA's long-term impact and political economy in the context of the CIS.
This document summarizes an interview with Jan Truszczyński, the new Director General of Education and Culture at the European Commission. Some key points:
- He believes progress has been made in education and culture in EU candidate countries through programs like IPA, but challenges remain like skills mismatches.
- As chair of the ETF governing board, he wants to examine how well the ETF measures its own effectiveness in helping neighboring countries.
- The ETF's work in analyzing labor markets, promoting business-education cooperation, and reducing skills gaps is well-suited to contributing to the EU's 2020 strategy in neighboring countries.
- While education can promote stability and democracy, political will is
This paper investigates the evolution and determinants of manufactured exports and FDI in MED-11 countries over the period 1985-2009 as well as the prospects of their evolution under different scenarios pertaining to the evolution of the determinants. The econometric analysis confirmed the role of exchange rate depreciation, the openness of the economy and the quality of institution and infrastructure in fostering manufactured exports and FDI inflows in the Region. The prospects' assessment suggested that a scenario of deeper integration with the EU entails superior performance regarding manufactured exports and FDI than status quo or less integration with the EU but greater regional integration.
Authored by: Khalid Sekkat
Published in 2012
The paper discusses the role of regional public goods vs. global goods in influencing postcommunist transition in Central and Eastern Europe and former USSR with special attention given to three particular factors: (i) external anchoring of national reform process; (ii) international trade arrangements and (iii) international financial stability.
Authored by: Marek Dabrowski, Artur Radziwill
Published in 2007
2014 09 30 seniors final report revised versiondomenicosarleti
This document discusses developing tourism for seniors in Europe, particularly during low and medium seasons. It aims to set up recommendations to facilitate and increase senior tourist travel within Europe and from other countries. Specifically:
- Seniors represent a large and growing demographic in Europe with potential for more tourism. However, many seniors do not travel internationally or travel only domestically.
- Increasing senior tourism could help address issues like seasonality and underutilization of tourism infrastructure. Off-peak seasons appeal more to seniors' travel patterns.
- The document recommends further research on seniors' travel preferences, barriers, and spending to better understand the market and develop suitable tourism products and services. Existing knowledge and good practices could be built upon
The document discusses PR processes and history in Eastern Europe. It covers the historical context of PR under communist rule, the current economic situation with free markets and competition, and ethical issues like media corruption. It also addresses current developments like university PR programs and future trends, including the growth of new media and importance of cross-border PR with increasing regional integration and international events in Eastern Europe.
Nakije kida poster 01.03.2014 Malta conferencenakije.kida
This document summarizes a research paper on potential sectors in Kosovo for foreign direct investment between 2000-2013. It finds that FDI has positively impacted sectors like agribusiness, tourism, services, and manufacturing by introducing new technologies. While mining attracted less FDI, studies show it had a negative effect on economic growth due to environmental issues. Kosovo needs investment in energy technology as it has large lignite reserves. Overall, FDI is important for Kosovo's economic development but it must ensure legal protections for investors and promote positive sectors to maximize benefits.
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Starting a business is like embarking on an unpredictable adventure. It’s a journey filled with highs and lows, victories and defeats. But what if I told you that those setbacks and failures could be the very stepping stones that lead you to fortune? Let’s explore how resilience, adaptability, and strategic thinking can transform adversity into opportunity.
Profiles of Iconic Fashion Personalities.pdfTTop Threads
The fashion industry is dynamic and ever-changing, continuously sculpted by trailblazing visionaries who challenge norms and redefine beauty. This document delves into the profiles of some of the most iconic fashion personalities whose impact has left a lasting impression on the industry. From timeless designers to modern-day influencers, each individual has uniquely woven their thread into the rich fabric of fashion history, contributing to its ongoing evolution.
[To download this presentation, visit:
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This presentation is a curated compilation of PowerPoint diagrams and templates designed to illustrate 20 different digital transformation frameworks and models. These frameworks are based on recent industry trends and best practices, ensuring that the content remains relevant and up-to-date.
Key highlights include Microsoft's Digital Transformation Framework, which focuses on driving innovation and efficiency, and McKinsey's Ten Guiding Principles, which provide strategic insights for successful digital transformation. Additionally, Forrester's framework emphasizes enhancing customer experiences and modernizing IT infrastructure, while IDC's MaturityScape helps assess and develop organizational digital maturity. MIT's framework explores cutting-edge strategies for achieving digital success.
These materials are perfect for enhancing your business or classroom presentations, offering visual aids to supplement your insights. Please note that while comprehensive, these slides are intended as supplementary resources and may not be complete for standalone instructional purposes.
Frameworks/Models included:
Microsoft’s Digital Transformation Framework
McKinsey’s Ten Guiding Principles of Digital Transformation
Forrester’s Digital Transformation Framework
IDC’s Digital Transformation MaturityScape
MIT’s Digital Transformation Framework
Gartner’s Digital Transformation Framework
Accenture’s Digital Strategy & Enterprise Frameworks
Deloitte’s Digital Industrial Transformation Framework
Capgemini’s Digital Transformation Framework
PwC’s Digital Transformation Framework
Cisco’s Digital Transformation Framework
Cognizant’s Digital Transformation Framework
DXC Technology’s Digital Transformation Framework
The BCG Strategy Palette
McKinsey’s Digital Transformation Framework
Digital Transformation Compass
Four Levels of Digital Maturity
Design Thinking Framework
Business Model Canvas
Customer Journey Map
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Explore the steadfast and reliable nature of the Taurus Zodiac Sign. Discover the personality traits, key dates, and horoscope insights that define the determined and practical Taurus, and learn how their grounded nature makes them the anchor of the zodiac.
Brian Fitzsimmons on the Business Strategy and Content Flywheel of Barstool S...Neil Horowitz
On episode 272 of the Digital and Social Media Sports Podcast, Neil chatted with Brian Fitzsimmons, Director of Licensing and Business Development for Barstool Sports.
What follows is a collection of snippets from the podcast. To hear the full interview and more, check out the podcast on all podcast platforms and at www.dsmsports.net
Industrial Tech SW: Category Renewal and CreationChristian Dahlen
Every industrial revolution has created a new set of categories and a new set of players.
Multiple new technologies have emerged, but Samsara and C3.ai are only two companies which have gone public so far.
Manufacturing startups constitute the largest pipeline share of unicorns and IPO candidates in the SF Bay Area, and software startups dominate in Germany.
[To download this presentation, visit:
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This PowerPoint compilation offers a comprehensive overview of 20 leading innovation management frameworks and methodologies, selected for their broad applicability across various industries and organizational contexts. These frameworks are valuable resources for a wide range of users, including business professionals, educators, and consultants.
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This compilation is ideal for anyone looking to enhance their understanding of innovation management and drive meaningful change within their organization. Whether you aim to improve product development processes, enhance customer experiences, or drive digital transformation, these frameworks offer valuable insights and tools to help you achieve your goals.
INCLUDED FRAMEWORKS/MODELS:
1. Stanford’s Design Thinking
2. IDEO’s Human-Centered Design
3. Strategyzer’s Business Model Innovation
4. Lean Startup Methodology
5. Agile Innovation Framework
6. Doblin’s Ten Types of Innovation
7. McKinsey’s Three Horizons of Growth
8. Customer Journey Map
9. Christensen’s Disruptive Innovation Theory
10. Blue Ocean Strategy
11. Strategyn’s Jobs-To-Be-Done (JTBD) Framework with Job Map
12. Design Sprint Framework
13. The Double Diamond
14. Lean Six Sigma DMAIC
15. TRIZ Problem-Solving Framework
16. Edward de Bono’s Six Thinking Hats
17. Stage-Gate Model
18. Toyota’s Six Steps of Kaizen
19. Microsoft’s Digital Transformation Framework
20. Design for Six Sigma (DFSS)
To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations
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South east Europe media market
1. Economic perspectives of foreign direct investment inflow to South East Europe media
market
Zvezdan Vukanovic, Ph.D.
Science Partner, Media Business Transfer Center, Humboldt Media Business School,
Berlin, Germany
Associate Editor for South East Europe, Media XXI Publishing Company, Lisbon,
Portugal
Associate Professor, Faculty of International Economics, Finance and Business
University of Donja Gorica, Montenegro
Abstract
This comparative study investigates the factors for a successful entry into the South East Europe
countries (SEEC) media market for western investors. The data sample includes 16 countries and
provides several important factors such as government consumption to GDP, market size,
corporate tax rates, ICT, business, economic, financial and monetary competitiveness as well as
innovation capacity in order to determine the potential for FDI in SEE countries. In summary,
the author states that countries that provide most profitable business solutions for FDI inflow in
both printed and broadcasting (TV and radio) media are Turkey, Bulgaria and Hungary. In
printed media, it is recommended to consider prospective FDI to Serbia, Hungary, Slovenia,
Bulgaria, Turkey, Croatia, Bosnia and Herzegovina, Kosovo, FYR Macedonia. The market entry
in the field of TV media is highly recommended to Hungary, Bulgaria, Croatia, Turkey, Croatia
and Moldova. Investing in radio stations is the least profitable business because of the low
consumption of this media as well as high market concentration in SEEC market. The only
country that is recommended for market entry in the radio media industry is Hungary.
Key words: media market concentration, FDI, entrepreneurship, innovation.
Introduction
In this paper, the author will investigate the main strategic directions for foreign direct
investment (FDI) inflow to South East Europe media market with specific interest in answering
the question to which media industry and where to invest the foreign capital. The research
includes the following countries Albania, Bosnia and Herzegovina, Bulgaria, Croatia, Serbia,
Montenegro, FYR Macedonia, Cyprus, Malta, Romania, Slovenia, Turkey, Kosovo, Greece,
Hungary and Moldova.
This paper is structured as follows. Section 1 analyzes the economic importance of Southeast
Europe market and reasons for prospective FDI. Section 2 provides a brief literature review and
discusses the conceptual understanding of the topic of strategic directions for foreign direct
investments and media market entries into Southeast Europe media business. Section 3 discusses
common characteristics of the South-East European media markets in order to more effectively
outline the holistic nature and state of social and economic factors influencing business
operations of media companies. The following Sections then contain case study of SEE
countries’ media market, an extensive comparative analysis and overview of empirical data
regarding FDI inflows to SEE countries, relationship between FDI, GDP, market size, trade,
monetary and fiscal freedom, external debt, ICT competitiveness, after which conclusions are
2. presented in the final Section. The author’s findings suggest that identifying efficient and
profitable strategic directions for foreign direct investment (FDI) to South East Europe media
market is a complex problem, which depends on a number of financial market and macro and
micro economic characteristics specific for each country and the type of media sectors and
companies.
1. Economic importance of South East European market for prospective FDI inflow
Despite a marked lack of high level of technological readiness, business efficiency, productivity,
state of cluster development and innovative capacity the region of south-east Europe presents
relatively promising economic market looking from a global point of view. The main reason for
such an observation is based on the fact that the region’s annual GDP generates $ 2,332 trillion,
which is worth twice the annual size New York State’s GDP. With the population of
approximately 155 million this region covers the area of almost 1,7 million square kilometers.
The foreign direct investment (FDI) in 2011 reached $ 31.32 billion representing 1.33% of the
Southeast Europe annual GDP. Only three countries in the region received more than $500 per
capita in FDI which implies that the potential for prospective FDI is present as well as needed in
order to create a more sustainable macroeconomic development. FDI has increasingly been
viewed by policy makers in developing and emerging market economies (EMEs) as a tool to
finance development, increase productivity and import new technologies (Arbatli, 2011). In
addition, the relative stability of FDI inflows constitutes a buffer against sharp reversals in
portfolio inflows during periods of crisis, such as the one experienced in 2009 (Arbatli, 2011).
Moreover, SEE countries feature a versatile type of media industries and companies that includes
522 daily newspapers, 1616 TV stations and 4010 radio stations. Accordingly, the region of
South East Europe provides an ample opportunities for FDI.
2. Literature review
European media scholars and researchers have dominantly analyzed media through two mirrors:
the reflection of political and social forces which the media reinforce and reorder, and the
reflection and display of "a wider entertainment and 'information' network beyond national
constraints (Rooke, 2009). At the same time the sector of media economics has been largely
neglected until the beginning of 90’s. The rise of neoliberal and global capitalism and the
collapse of Soviet-style communism in the Central, Eastern and Southeastern Europe started to
dictate more dynamic capitalist rules. The increase in market competition followed by the rollout
of new-digital technologies prompted media companies to pay more attention at economic,
business and market values in the media industry as well as consumers’ demand.
Historically, media researchers have neglected the topic of foreign direct investment (FDI)
inflow to SEEC media market. However, only a few pertinent works have been published in the
field of SEEC media business, market and entrepreneurship studies. In terms of the holistic
academic depth, accuracy and relevancy, the works of Tsourvakas, 2010; Sánchez-Tabernero &
Carvajal, 2002; Medina, 2004; Gulyás, 2003; Leandros, 2010; van der Wurff, 2002; Färdigh,
2010; Schalt, 2008; Splichal, 1994 and 2004; Jakubowicz, 2007 and 2008; Peruško and Popović,
2008; Downey and Mihelj, 2012; Dobek-Ostrowska, Jakubowicz and Sukosd, 2010; Jakubowicz
and Sukosd, 2008; Gross, 2004 provide some notable exceptions.
3. There are at least two valid reasons for apparent absence of profoundly systematized and holistic
longitudinal, comparative and analytical as well as focused conceptual or case study analysis: 1.
The tradition of capitalist liberal and free market has been very scarce as twelve out of sixteen
countries used to practice the communist system of socio-economic production for several
decades - until 1991; 2. The SEE countries with the exception of Turkey and Romania are (a)
relatively small in territorial and demographic size and are (b) ethnically and culturally very
diverse. It is the ethnic, linguistic and cultural fragmentation that made their prospective
economic and technological co-operation more challenging to maintain. From a cultural
viewpoint four countries are mainly Catholic (Croatia, Hungary, Malta and Slovenia), another
four countries are dominantly Muslim (Albania, Kosovo, Turkey and Bosnia and Herzegovina)
and the rest of them are mainly Orthodox (Bulgaria, Serbia, Montenegro, Romania, Cyprus,
Greece, FYR Macedonia and Moldova). Accordingly, it is advisable to point that high ethnic
diversity is particularly present in Bosnia and Herzegovina, Bulgaria, Montenegro, Serbia, FYR
Macedonia and Moldova while only five countries in the entire region (Malta, Slovenia,
Hungary, Greece and Cyprus) maintain low ethnic diversity.
Looking from a more international point of view the ethnic, cultural and linguistic fragmentation
of the European media channeled scholars’ attention more toward the social, cultural, political
and regulatory issue of media rather than to economic, market, business and entrepreneurial
aspect of media science. This notion is apparently evident in the number of published books
(160) and articles (940) that cover the issue of European media from 1990-2011.
Thus, the predominant concentration of scholarly literature concentration on the European media
was based on the analysis of digital switchover in Europe (Iosifidis, 2006; Rooke, 2009); media
rights (Craufurd Smith, 2004); European media policy (Papathanassopoulos and Negrine, 2011;
Downey and Mihelj, 2012; Harcourt, 2005); media ownership Craufurd Smith, 2004, Granville,
2003; media regulation Harcourt, 2005; Venturelli, 1999; Holoubek, Damjanovic and Traimer,
2006); media self-regulation (Baydar, et. al., 2011); media systems (Färdigh, 2010; Downey and
Mihelj, 2012; Kristovic, 2008); media pluralism (Iosifides, 1997); media content (Kholilul
Rohman, 2011); media and European integration (Meyer, 2010; Christensen and Nezih, 2009;
Trenza, 2008; Chaban and Holland, 2008; Michalis, 2007; Papathanassopoulos and Negrine,
2011; Rooke, 2009); The European public broadcasting service (Jusić, and Amer, 2008; Nissen,
2006; Venturelli, 1999; Collins, 1998; Iosifidis, 2006); media discourse analysis (Van De Steeg,
2005; Koopmans and Statham, 2010; Eastern European); media Transition (Gross, 2004;
Jakubowicz, 2008; Downey and Mihelj, 2012; Mertelsmann, 2011); media politics (Voltmer,
2005; Papathanassopoulos and Negrine, 2011; Downey and Mihelj, 2012; Beumers and
Hutchings, 2011; Venturelli, 1999; Lange and Ward, 2004; Triandafyllidou, Wodak,
Krzyzaniwski, 2009; Papathanasopoulos, 2005; Blain and O'Donnell, 2003; Koch-Baumgarten
and Voltmer, 2010); media culture (Downey and Mihelj, 2012; Bondebjerg and Madsen, 2009;
Bondebjerg and Golding, 2004; Rooke, 2009); media consumption (Downey and Mihelj, 2012;
Färdigh, 2010); media and gender (in)equality (Downey and Mihelj, 2012); European media law
(Castendyk, Dommering, and Scheuer, 2008; Perry, 2011; Baldi and Hasebrink, 2007); media
ethics and freedom of expression (Baydar, et. al., 2011); media and religion (Morán, 2008; Doe,
2002); media representation of immigrants and ethnic minorities (Christensen and Nezih, 2009;
Frachon and Vargaftig, 2000); media rhetoric (Deirdre, 2003); media and identity (Crain and
Hughes-Freeland, 1998); media and European public sphere (Harrison and Wessels, 2009;
4. Meyer, 2010); Media democracy (Bondebjerg and Madsen, 2009); media and nationalism
(Jakubowicz and Sukosd, 2011); media and European identities (Jakubowicz and Sukosd, 2011;
Papathanassopoulos and Negrine, 2011); media concentration policy (Iosifides, 1997); Media
diversity (Rooke, 2009); Media regulation (Rooke, 2009).
3. Common characteristics of SEEC media markets
According to Hallin and Mancini (2004) and Hallin and Papathanassopoulos (2000) the media in
SEEC share some major characteristics: low levels of newspaper circulation, a tradition of
advocacy reporting, instrumentalization of privately-owned media, politicization of public
broadcasting and broadcast regulation, and limited development of journalism as an autonomous
profession. Furthermore, the region displays the legacy of the Communist system - “post-
Communist countries”, the lack of industrialist market development and a political instability,
repression in their history, late democratization and transition to democracy (Terzis, 2008) that is
characterized by incomplete, or (in some cases) little advanced modernization and weak rational-
legal authority combined in many cases with a dirigiste State (Statham, 1996; Marletti and
Roncaloro; 2000; Papatheodorou, Machin, 2003; Mancini, 2000; Hallin, Papathanassopoulos,
2002). They also display features of “State paternalism” or indeed “political clientelism”, as well
as panpoliticismo, i.e. a situation when politics pervades and influences many social systems,
economics, the judicial system, and indeed the media; the development of liberal institutions is
delayed; and there is a political culture favoring a strong role of the State and control of the
media by political elites (Terzis, 2008). Liberal institutions were only consolidated in Greece
from about 1975-1985, while Turkey has witnessed three military coups (1960, 1971, 1980)
(Terzis, 2008).
Another characteristic which most of these countries obviously have in common is absence of a
strong civil society, underdevelopment of capitalism, a weak civil society and well-organized
and cohesive pressure groups, lack of the political consensus and media self-regulation. All these
characteristics have made the state an autonomous and dominant factor, yet the capacity of the
state to intervene effectively is often limited by lack of resources, and clientelist relationships
which diminish the capacity of the state for unified action (Hallin and Mancini, 2004).
The final characteristic of the media markets in Southeast European countries is that they are
highly concentrated, as there has been a transition from state concentration to market
concentration (Tsourvakas, 2010).
CASE STUDIES OF SEE COUNTRIES’ MEDIA MARKETS
Case study: Albanian media market
Main findings:
-low internet usage: 45%
-high market concentration of daily newspapers
-high market concentration of TV stations
-low market concentration of radio stations
-The country receives least FDI inflow to media market among all the countries of SEE.
-IREX Media Sustainability Index 2011 has registered that plurality of news sources is well
coordinated among media companies, while business management in media needs additional
improvements.
5. Case study: Bosnian and Herzegovinian media market
Main findings:
-low internet usage: 52%
-high market concentration of radio stations
-low market concentration of TV stations
-high ethnic diversity and potential to broadcast multicultural programs
-high advertising market share of TV: 90%
-low advertising market share of print media: (7%)
-The country receives very low level of FDI inflow to media market as compared to most of the
SEE countries.
-IREX Media Sustainability Index 2011 has registered that plurality of news sources is well
coordinated among media companies, while business management in media needs additional
improvements.
- There are several important development trends that can be pointed out. Firstly, the media
market remains poor and fragmented, with a large number of small broadcasters. Secondly, the
level of professionalism and the quality of journalism remains weak, with spread self-censorship,
low reporting quality, lack of investigative journalism, and disrespect for basic standards as
defined in the Press Code (IREX, 2009). The third important process that is taking place since
the last decade is the reform of the former state-controlled broadcasters into the Public Service
Broadcasters, within the Public Service Broadcasting System of BiH.
-The newspaper market in Bosnia and Herzegovina is highly concentrated as the first 4
newspapers receive more than 50% of the total advertising revenues in the market (Tsourvakas,
2010).
-The rapid commercialization of reading women’s magazines from Croatia and Bosnia is
steadily increasing – Azra (Reading rate 14.7%) and Gloria (12.5%) – have taken lead, in front
of serious political magazines, such as Dani (9.4) and Slobodna Bosna (7.2%) (Tsourvakas,
2010).
Case study: Bulgarian media market
Main findings:
-low internet usage: 46.2%
-low TV viewing time per viewer
-low market concentration of daily newspapers, radio stations and TV stations
-high ethnic diversity and potential to broadcast multicultural programs
- The commercial broadcaster bTV leads the market with an audience share of 35.3% in 2009.
The channel now belongs to Central European Media Enterprises (CEME) after its purchase
from the Balkan News Corporation in April 2010.
- In August 2009, the Swedish Modern Times Group transferred and merged its assets in the
Balkan Media Group (previously owned with Apace Media) into its subsidiary Nova Televizia.
This includes the channel Nova TV (and also the Diema channels and MM channels), which in
2009 had a market share of 20.6% (an increase from 17.1% in 2008) (Mavise, Database, 2008).
- In recent years radio market in Bulgaria has consolidated. Four foreign radio companies shape
the image of the radio sector – the Irish Communicorp Group, SBS Broadcasting Group
(Scandinavian Broadcasting System became in 2007 a part of ProSiebenSat.1 Media AG), US
Emmis Communications, and News Corporation Group (owned by Rupert Murdoch). The
foreign investors own almost 20 radio stations, most of them in Sofia (Tsourvakas, 2010).
6. - The major dailies are Trud, Telegraph and 24 Chasa. Dailies Trud and 24 Chasa, published by
the German newspaper group WAZ (Westdeutsche Algemeine Zeitung) are the most typical
examples for this type of “hybrid” newspapers. Both newspapers identify themselves as “serious
and quality” ones. The daily circulation of Trud currently it stands at between 70,000 and
100,000 copies. The traditionally strong life style and women’s magazines, such as Eva,
Cosmopoltan and Grazia are losing advertisers.
- The cable network has been developing quickly and most recent data (from the second half of
2009) show that over 70 percent of households in the country are cable-operator subscribers.
About 22% of homes had satellite services (15% pay satellite) at the end of 2009. Moreover,
Bulgaria now has three satellite platforms: Bulsatcom, Total TV (formerly ITV Partner and
rebranded in 2010 by Mid Europa Partners) and Vivacom (launched in September 2010).
-The share of the aged population is increasing as 22.7 percent are over 60 years old. Thus, this
demographic niche market is becoming increasingly important.
-Seven important international media corporations are present in Bulgarian media market:
German newspaper group WAZ (Westdeutsche Algemeine Zeitung), the Swedish Modern Times
Group and Central European Media Enterprises (CEME), – the Irish Communicorp Group, SBS
Broadcasting Group (Scandinavian Broadcasting System became in 2007 a part of
ProSiebenSat.1 Media AG), US Emmis Communications, and News Corporation Group (owned
by Rupert Murdoch).
-Low readership of daily newspapers
-Reading rates of women’s and lifestyle magazines is steadily decreasing.
-Lowest market concentration of radio stations after Hungary in SEE.
-IREX Media Sustainability Index 2011 has registered that plurality of news sources is well
coordinated among media companies, while the practice of professional journalism needs
additional improvements.
Case study: Croatian media market
Main findings:
-high internet usage: 61%
-low free newspaper distribution
-high TV viewing time per viewer
-high audience share of Public TV:
-low market concentration of daily newspapers and TV stations
-high market concentration of radio stations:
-low advertising market share of print media: (14%)
-high advertising market share of TV: 68%
-The share of advertisement revenues at the state-owned HRT (Hrvatska Radio-Televizija or
Croatian Radio-Television) increased for television to 77 percent or nearly 700 million euro in
2009, matching an increasing entertaining but also news reporting content of the four national
broadcasters.
- The government controls approximately 40 percent of radio stations.
-The number of TV and radio stations with the national coverage is generally very low.
-The audience leadership belongs to the public television, but private televisions are narrowing
the gap to it;
-Two private music-only stations are leaders among radio audience;
7. -There is a steady decline in production of newspaper
-The magazine market is led by women’s magazines Gloria and Story with 8 and 5 percent,
respectively, of average readership in 2009.
-The sales of daily newspapers has declined steadily between 2007 and 2009 for about 25
percent.
-The increasing number of internet users proves to be a fertile ground for a growing number of
internet portals - all major newspapers had a website in 2009 and featured among the top 20
Croatian sites.
-Among the leading ten sites were also sites of two leading daily newspapers, Jutarnji list and
Večernji list.
- IREX Media Sustainability Index 2011 has registered that plurality of news sources is well
coordinated among media companies, while the practice of professional journalism needs
additional improvements.
Case study: Cyprus media market
Main findings:
-Small market size
- The top six channels account for around 75% of daily audiences (+1.5% compared to 2008). In
other words, the market remains relatively concentrated in comparison with other European
markets, which is partly a result of the small number of homes that subscribe to multi-channel
packages (Mavise, Database, 2010).
-high internet usage: 57%
-very high readership rate per capita
- high market concentration of daily newspapers and TV media.
-high audience share of commercial TV.
-low TV viewing time per viewer
-low audience share of Public TV
Case study: Greek media market
Main findings:
-low internet usage: 50%
-high TV viewing time per viewer
-high free newspaper distribution
-high market concentration of TV stations, radio stations and daily newspapers
-low advertising market share of print media: (16%)
-low advertising market share of TV: 31%
-high audience share of commercial TV.
-low audience share of Public TV
-Free sheets have the highest percentages of readership as well as advertising revenues.
-Demand in Greece for foreign publications is very high due to the number of tourists visiting the
country.
-Two percent of Greek newspapers and magazines are exported to Cyprus, the United States,
Germany, and Great Britain. Demand in Greece for foreign publications corresponds to the
number of tourists in Greece on holiday. There are 600 newsagents and 500 subagencies in the
Greek provinces for the distribution of printed media. Within Greece there are 12,000 places
where the print media is sold. The number of agents, agencies, and distribution centers exceeds
8. the demand and the general population's needs in comparison to the other nations in the
European Union. Suggestively, there are 33 periodicals in English, 1 in French, 7 in German, 6
in Italian, and many more in Spanish, Chinese, Russian, Albanian, Turkish, Bulgarian,
Armenian, Polish, Dutch, and Arab.
-Newspapers continue to experience a high percentage of unsold newspapers (30%-35%), which
increases production costs.
-Multicultural radio is also on a development track due to the cultural diversity of the Greek
society.
-Free sheets have the highest percentages of readership (City press Free Daily 271.000 and
Metro Free Daily 250.000) as well as the largest advertising revenues.
-The print media market is highly concentrated as most of the leading newspapers belong to few
media organizations such as Lambrakis Press S.A., Pegasus Publishing and Printing S.A
(Bobolas Publishing Group), Tegopoulos Publishing S.A (Tegopoulos Publishing Group),
Kathimerini Publications S.A. (Alafouzos Publishing Group) and Acropolis, (Apogevmatini
Publishing Group) (Tsourvakas, 2010).
Case study: Hungary media market
Main findings:
-VAT tax on newspapers and magazines is 15 percent, making it one of the highest in Europe.
-high internet usage: 65.3%
-low market concentration of newspapers, TV and radio media.
-high TV viewing time per capita
-high audience share of commercial TV
-The two terrestrial commercial channels, RTL Klub which is owned by a consortium of CLT,
Bertelsmann, Pearson, and the telecom company T-com and TV2 whose majority owner is
Scandinavian Broadcasting System (SBS) have come to dominate the television scene since their
1997 launching.
- The Swedish Modern Times Group manages the Budapest-edition of Metro while Ringier-
owned Népszabadság and Blikk that share the highest circulation among the Hungarian daily
newspapers.
-high TV viewing time per viewer
-high audience share of commercial TV
-low advertising market share of print media: (10%)
-high newspaper readership
-high advertising market share of TV: 64%
Case study: Kosovo media market
Main findings:
-In a territory with a high percentage of young people it is important that the public broadcaster
appeals to the young as well as the more mature audience and opinion formers.
The weak distribution system of newspapers is a reason for low dailies circulation.
-Low newspaper readership.
9. --IREX Media Sustainability Index 2011 has registered that plurality of news sources is well
coordinated among media companies, while business management in media needs additional
improvements.
-low internet usage: 21%
-high audience share of Public TV
-low concentration of daily newspapers
-Small market size
-high market concentration of TV stations
-high market concentration of radio stations
Case study: FYR Macedonia media market
Main findings:
-low level of FDI to the media market
-high audience share of commercial TV.
-media outlets are strongly divided along ethnic lines, US-based Freedom House reported in
2010.
-IREX Media Sustainability Index 2011 has registered that supporting institutions in media are
well established, while business management in media needs additional improvements.
-low internet usage: 46%
-high free newspaper distribution
-high TV viewing time per viewer
-high audience share of commercial TV
-low audience share of Public TV
-low concentration of daily newspapers
-Small market size
-high market concentration of TV stations,
-high market concentration of radio stations:
-high ethnic diversity and potential to broadcast multicultural programs
Case study: Malta media market
Main findings:
-high internet usage: 75%
-Small market size
-high market concentration of daily newspapers
-high market concentration of TV stations
-high market concentration of radio stations
-During 2006 it is estimated that 10.56 million euro (9.89 million in 2002) were spent on
newspaper advertising while just under 5 million euros (almost 4 million in 2002) were spent on
magazine advertising. Fifty percent of the total national advertising budget is spent on the print
media while 39 percent is spent on the broadcast media (Borg, 2009).
- about 15 percent of viewers watch the Mediaset stations and 7 percent watch the RAI stations,
which can be accessed either terrestrially or through cable which was introduced in 1992 and is
now subscribed to by around 80 percent of households.
10. Case study: Moldova media market
Main findings:
-a weak distribution system of the newspapers in the rural areas
-low newspaper concentration
-IREX Media Sustainability Index 2011 has registered that plurality of news sources is well
coordinated among media companies, while business management in media needs additional
improvements.
-low internet usage: 40%
-high audience share of Public TV
-high market concentration of daily newspapers
-low market concentration of TV stations
-high ethnic diversity and potential to broadcast multicultural programs
-low market concentration of radio stations
Case study: Montenegro media market
Main findings:
-low internet usage: 52%
-high audience share of commercial TV
-low audience share of Public TV
-Small market size
-high market concentration of daily newspapers
-high market concentration of TV stations
-high market concentration of radio stations
Case study: Romania media market
Main findings:
-low internet usage: 47%
-high free newspaper distribution
-high TV viewing time per viewer
-high audience share of Public TV
-Large market size
-high market concentration of daily newspapers
-high market concentration of TV stations
-high market concentration of radio stations
-low advertising market share of print media: (9%)
-high advertising market share of TV: 64%
Television takes the lion share of the advertising pie (about two thirds) amounting to a total of
337 million euro in 2008. According to the Media Factbook 2009, the most popular TV shows
among Romanians are football games, Romanian soap operas, prime time news, entertainment
shows and international contests such as the Eurovision or big sporting events.
Reception via analogue cable is at 66.8 percent.
11. - As far as the publications distributed across the nation are concerned, the past few years have
seen a decline in circulation for those dailies marketed as quality newspapers, whereas the two
national sports dailies have done relatively well, and the tabloids even better.
- Unlike papers in Bucharest, local newspapers usually have not received any attention from big
investors.
-Lifestyle magazines covering the issues of automobiles, computers, cooking, house and
gardening and other niche products are popular in Romania. One of the most popular is Practic
in Bucatarie, a cooking magazine owned by Burda Romania, selling more than 250,000 copies a
month.
- Femeia de azi, a women's weekly published by Sanoma Hearst, also sells more than 100,000
copies per issue. National TV guides are doing well, too; TV Mania (Ringier) and ProTV
Magazin(MediaPro), for example, each sell around 75,000 copies a week.
- Most successful private radio stations belong to strong networks: Europa FM (owned by
French group Lagardere) and Info Pro (CME).
-IREX Media Sustainability Index 2011 has registered that plurality of news sources is well
coordinated among media companies, while business management in media needs additional
improvements.
Case study: Serbia media market
Main findings:
-low newspaper concentration
-low internet usage
- high audience share of Public service TV
-low internet usage: 44.7%,
-low free newspaper distribution
-high TV viewing time per viewer
-high ethnic diversity and potential to broadcast multicultural programs
-high audience share of Public TV
-low concentration of daily newspapers:
-high market concentration of TV stations
-high market concentration of radio stations
-IREX Media Sustainability Index 2011 has registered that supporting institutions in media are
well established, while business management in media needs additional improvements.
- The FDI to market media is most evident in the printed media. In 2011, Most people read Blic
(121,480 copiest), Alo! (113,842), Vecernje Novosti (109,736 copies), Press (74,672), Politika
(55,970). Swiss company Ringier owns three dailies in Serbia (Blic, Alo! and free paper 24 sata),
and three weeklies (NIN, Puls, Blic zena, and monthly Blic zena kuhinja), and has an important
position in the market. Their dailies are the first (Blic) and second (Alo!) on the readership list.
NIN is the first among political and economic magazines; in March 2009 Ringier bought 70
percent stocks of the old Serbian newsweekly NIN, and in April 2010 the company purchased an
additional 13.2 percent. The company claims a 25 percent increase in circulation, now 16,200,
since it has become the majority owner. Blic zena is first among women’s magazines and Puls
third among celebrity magazines. In March 2010 Ringier and German publishing concern Axel
Springer formed a joint venture that unites their business activities in the east and southeast of
12. Europe, including Serbia. In spring 2010, the company reported five million euros profit for their
Serbian businesses in 2009, 150 percent more than in 2008.
- The Westdeutsche Allgemeine Zeitung(WAZ) Media Group has been represented in the
Serbian media market since October 2001 by a joint venture with newspaper publisher Politika
AD, based in Belgrade. The WAZ Group holds 50 percent of the shares in the company. In
Serbia,WAZ publishes national daily Politika, regional daily Dnevnik and licensed car magazine
Auto Bild.
-Other foreign media companies publish lifestyle, fashion and various specialised weeklies and
monthlies. They include but are not limited to: Adria Media (Story, Cosmopolitan, Men’s
Health, Lisa, Elle, Gala, National Geographic, Kuhinjske tajne, Moj stan, Basta, Zivot sa cvecem
and Sensa), Europapress (Gloria and OK!), and Attica Media Serbia (Grazia, Maxim, Playboy
and Sale & Pepe).
Case study: Slovenia media market
Main findings:
-high internet usage: 73%,
-high free newspaper distribution
-low TV viewing time per viewer
-high audience share of Public TV
-low concentration of daily newspapers
-Small market size
-high newspaper readership:
-high advertising market share of print media: (30%)
-high advertising market share of TV: 55%
-high market concentration of TV stations
-high market concentration of radio stations
- After 2000 important foreign media actors on Slovenian market are Bonnier AG, Dagens
Industri (Sweden), Styria Verlag, Leykam (Austria) and Burda (Germany).
- Approximately 242,000 people in Slovenia read the free, magazine-type daily newspaper
Žurnal24, produced by Žurnal media, owned by Austrian media company Styria Verlag – with
about one fifth of all readers. Žurnal24 is the only daily newspaper in Slovenia which has not
experienced a slight downfall in readership in comparison to readership data from 2008.
-The gross value (without discounts) of the advertising pie in Slovenian media of 2006 was 377 €
million, the net value was an estimated 165 € million. Gross value of the advertising pie in
Slovenian media in 2008 was 522.5 million euro, 15 percent higher than in 2007. More than half
of the advertising income goes to television (55 percent), print media share of advertising pie is
30.2 percent, while outdoor media (7.1 percent), radio stations (4.4 percent), and online media
(3.5 percent) together get approximately 15 percent of the pie.
-Unlike the print and radio market, foreign owners play an important role in the Slovenian
commercial television market. Three of the largest commercial channels are all owned by foreign
companies: Pop TV (audience share: 27 percent), Kanal A (9 percent) are owned by the same
company, American-owned Central European Media Enterprises (CME) while TV3 (2 percent)
is owned by the Swedish company Modern Times Group - MTG AB.
13. Case study: Turkey media market
Main findings:
-low internet usage: 44.4%
-low free newspaper distribution
-high TV viewing time per viewer
-high audience share of commercial TV channels
-low audience share of Public TV channels
-low concentration of daily newspapers
-large market size
-low market concentration of TV stations
-low market concentration of radio stations
-high advertising market share of print media: (31%)
-high advertising market share of TV: 57%
-low concentration of printed, TV and radio media.
-high TV viewing time per capita
-low newspaper readership
-increasing readership of daily newspapers
-high advertising market share of print media
-medium advertising market share of TV
-high audience share of commercial TV channels
-In Turkey, all the major media groups, Doğan, Turkuvaz, Ciner, Çukurova, Doğuş Merkez,
İhlas, and Feza are large conglomerates and they use their media outlets to protect and expand
their interests and activities in the other sectors of the economy (tourism, finance, car industry,
construction and banking). All the major commercial channels and newspapers belong to these
media holdings. Moreover the distribution of the print media is in the hands of Doğan Group’s
Yay-Sat and Turkuvaz Group’s Turkuvaz Dağıtım Pazarlama.
-Newspapers in Turkey are growing in popularity despite increasing internet use. For the first
time in Turkish history, newspaper circulation at the weekend achieved a distribution of 6m
copies, according to data from two distribution companies. Overall, circulation has grown by
59% since 2001, and there has also been a rapid increase in advertising revenues. Istanbul
represents 45% of the total newspaper sales in Turkey.
The market for imported press represents only 3% of the total press market in Turkey as foreign
population living in Turkey represents over 460.000 expatriates.
The top ten foreign newspapers in Turkey are Bild, The Sun, International Herald Tribune, De
Telegraaf, Het Laatste Nieuws, Financial Times, Daily Mail, Daily Mirror, Daily Star, and The
Wall Street Journal Europe. The top ten foreign magazines/weeklies are Bild am Sonntag, The
Economist, Newsweek, Ok Weekly, Time, Bild der Frau, Der Spiegel, Nur TV, Sternand TV
Direkt. 95% of the foreign publications are imported by air, the main hub being Istanbul. In
summer Antalya is used as a second hub.
The Turkish TV market is one of the largest in Europe with almost 18 million television
households. Kanal D (Doğan Group) had the largest daily audience market share in 2009 with
14.1%, ahead of Show TV (Çukurova group, with 10.7%), ATV (Çalık Group, 8.9%), Fox Türk
(News Corp group, 8%) and Star (Doğan Group, 8%). The public channels of the broadcaster
14. TRT are a long way behind their private competitors, with the first public channel TRT 1 only
recording a 3.1% daily audience market share in 2009. The most important reception platforms
are terrestrial and satellite, with almost 50% of homes using satellite TV services (of these 15%
were pay services) at the end of 2009.
SUMMARY OF MAIN FINDINGS
After the detailed analysis of the SEE countries media market that features a versatile type of
media industries including 522 daily newspapers, 1616 TV stations and 4010 radio stations, the
author summarizes the most important economic, social and technological data, information and
points that can potentially provide better, more balanced and sustainable analysis of the region
for prospective media investors.
Thus the media market of SEE countries is dominantly characterized by the following features:
-low internet usage: Kosovo - 21%, Moldova - 40%, Serbia - 44.7%, Albania - 45%, FYR
Macedonia - 46%, Bulgaria - 46.2%, Romania - 47%, Greece - 50%, Bosnia and Herzegovina -
52%, Montenegro - 52%
-high internet usage: Malta - 75%, Slovenia - 73%, Hungary - 65.3%, Croatia - 61%, Cyprus -
57%
-high free newspaper distribution: FYR Macedonia, Romania, Greece, Slovenia
-low free newspaper distribution: Turkey, Croatia, Serbia
-high TV viewing time per viewer Greece, Croatia, FYR Macedonia, Romania, Serbia, Hungary,
Turkey
-low TV viewing time per viewer Cyprus, Bulgaria, Slovenia
-high audience share of commercial TV: Hungary, FYR Macedonia, Cyprus, Turkey, Greece
-high audience share of Public TV: Croatia, Serbia, Kosovo, Slovenia, Moldova, Romania
-low audience share of Public TV: Greece, FYR Macedonia, Cyprus, Turkey
-low concentration of daily newspapers: Serbia, Hungary, Slovenia, Turkey, Bulgaria, Croatia,
BiH, Kosovo, FYR Macedonia
-high market concentration of daily newspapers Greece, Montenegro, Romania, Cyprus, Albania,
Malta, Moldova
-high market concentration of TV stations FYR Macedonia, Serbia, Greece, Slovenia,
Montenegro, Romania, Cyprus, Albania, Kosovo, Malta
-low market concentration of TV stations Turkey, Hungary, Bulgaria, Croatia, Bosnia and
Herzegovina, Moldova
-low market concentration of radio stations Hungary, Albania, Turkey, Bulgaria, Moldova
-high market concentration of radio stations: Serbia, Greece, Slovenia, Montenegro, Romania,
Croatia, Bosnia and Herzegovina, Kosovo, FYR Macedonia, Malta
-high ethnic diversity and potential to broadcast multicultural programs: Bosnia and
Herzegovina, Bulgaria, Moldova, FYR Macedonia, Serbia
-high advertising market share of print media: Turkey (31%) and Slovenia (30%), Malta – 50%.
-low advertising market share of print media: Bosnia and Herzegovina (7%), Romania (9%),
Hungary (10%), Croatia (14%) and Greece (16%).
-low advertising market share of TV: Greece – 31%, Malta – 39%
-high newspaper readership: Slovenia and Hungary
15. -high advertising market share of TV: Bosnia and Herzegovina – 90%, Croatia – 68%, Romania
and Hungary – 64%, Turkey – 57%, Slovenia – 55%
-most oversaturated media markets in SEEC are Greece, Montenegro, Romania, and Moldova.
-countries with lowest media concentration market in SEE are Hungary, Turkey and Bulgaria.
4. Population, Territory, Human development index, Global competitiveness index
and GDP per capita in SEEC
It is evident from the table six countries in the region have very high human development index
by the UNDP’s 2011 HDI standards, while another eight countries fit the category of high human
development index.
Moreover, the report of Heritage Foundation on the Economic freedom shows that with the
exception of Greece, the region is economically sustainable in terms of the macroeconomic
stability as the inflation is very low, fiscal and monetary freedom is well established.
In addition, twelve countries have public debt below 60% of their GDP. Corporate tax is much
lower as compared to other regions in Europe, Africa and Asia which makes the region more
competitive in the eyes of prospective foreign corporate investors. Moreover, three countries
(Slovenia, Malta and Cyprus) have very good credit rating outlooks by three major global credit
rating agencies – Fitch, Moody’s and Standard & Poor’s.
In terms of the ICT development eight countries are positioned in the top 50 most developed as
measured by ITU’s ICT development index in 2011.
Country Population Area UNDP HDI 2011 GDP GDP WEF
RANK AND (PPP) per (PPP) per GCI
CLASSIFICATION capita - capita - 2011
IMF 2010 World rank
rank Bank
2010 rank
Albania 2 831 741 28,748 km2 70 – High human 64 98 78
development
Bosnia and 4 622 163 51,197 km2 74 – High human 85 108 100
Herzegovina development
Bulgaria 7 093 635 110,879 km2 55 – High human 65 69 74
development
Croatia 4 290 612 56,594 km2 46 – Very high 49 52 76
human development
Cyprus 1 120 489 9,251 km2 31 – Very high 30 48 47
human development
Greece 10 760 489 131,957 km2 29 – Very high 31 34 90
human development
Hungary 9 976 062 93,028 km2 38 – Very high 46 50 48
human development
Kosovo 1 825 632 10,887 km2 91– High human 108
development
Macedonia, 2 077 328 25,713 km2 78 – High human 76 88 79
FYR development
Malta 408 333 316 km2 36– Very high 37 39 51
human development
Moldova 3 560 430 33,851 km2 111– Medium 130 144 93
human development
16. Montenegro 625 266 13,812 km2 54 – High human 69 85 60
development
Romania 21 904 551 238,391 km2 50 – High human 59 74 77
development
Serbia 7 120 666 88,361 km2 59 – High human 72 77 95
development
Slovenia 2 000 092 20,273 km2 21 – Very high 32 37 57
human development
Turkey 74 615 036 783,562 km2 92 – High human 54 73 59
development
Total 154 832 525 1 696 820
km2
Sources:
Jeni Klugman et. al., Human Development Report 2011, Sustainability and Equity: A Better
Future for All, The United Nations Development Programme (UNDP), New York: Palgrave
MacMillan
The Global Competitiveness Report 2011-2012, WEF, World Economic Forum, Geneva
5. Development of Media and ICT Competitiveness in SEEC
In terms of the innovation and scientific potential, capacity as well as the development of its
infrastructure five countries (Slovenia, Hungary, Greece, Croatia and Cyprus) are positioned
among top 40 countries in the world.
Country WEF – WEF 2010 ICT 2010 Rate Index Index rank Press Daily
Network Networked Development of internet rank of and Freedom newspaper
Readiness Readiness index, ITU penetration the total classification Index – circulation
Index Index – (2011, in %, ITU computer of freedom Reporters per 1000
(NRI) State of Geneva) (2011, software of the press without people
2011 Cluster Geneva) spending in 2011, borders,
rank Development (% of Freedom 2010
2010-2011 GDP), House
2010
Albania 87 122 78 45 n/a 102 – partly 80 35
free
Bosnia and 110 81 63 52 n/a 96 – partly 47 140
Herzegovina free
Bulgaria 68 111 49 46.2 38 77 – partly 70 116
free
Croatia 54 103 31 61 n/a 85 - free 62 120
Cyprus 31 44 36 57 n/a 36 - free 45 160
(Cyprus
North –
61)
Greece 64 98 30 50 34 65 – free 70 282
Hungary 49 100 34 65.3 5 65 - free 23 465
Kosovo n/a n/a n/a 21 n/a 104 – partly 92 n/a
free
Macedonia, 72 106 53 46 n/a 96 – partly 68 89
FYR free
Malta 27 58 29 75 n/a 36 - free n/a 301
17. Moldova 97 134 57 40 n/a 108 – partly 75 24
free
Montenegro 44 114 51 52 n/a 80 – partly 104 93
free
Romania 65 112 48 47 41 87 – partly 52 300
free
Serbia 93 121 50 44.7 n/a 72 – partly 85 107
free
Slovenia 34 49 24 73 22 48 – free 46 169
Turkey 71 61 59 43 48 112 – partly 138 167
free
Sources:
Measuring the Information Society, ITU, International Telecommunication Union, Geneva,
2010.
Freedom in the World 2012, Annual survey of political rights and civil liberties, Freedom House,
Washington, District of Columbia
The Networked Readiness Index, World Economic Forum, Geneva, 2011.
Press Freedom Index 2010, Reporters Without Borders, Paris
6. Quantitative analysis of printed and broadcast media markets in SEEC
Country Number of Number of Number of Number of Number Number
daily TV radio stations newspapers of TV of radio
newspapers stations per million stations stations
per per
million million
Albania 23 76 31 8.12 26.84 10.95
Bosnia and 11 45 144 2.38 9.73 31.15
Herzegovina
Bulgaria 24 39 96 3.38 5.5 13.53
Croatia 12 24 150 2.8 5.6 34.96
Cyprus 9 24 26 8 21.4 23.12
Greece 122 131 1058 11.33 12.17 98.32
Hungary 34 95 96 3.4 9.52 9.62
Kosovo 8 22 92 4.38 12 50.4
Macedonia, 11 81 90 5.3 39 43.33
FYR
Malta 4 5 39 9.8 12.24 95.58
Moldova 38 38 50 10.67 10.67 14
Montenegro 4 16 56 6.4 24 89.6
Romania 159 623 700 7.2 28.2 31.96
Serbia 20 103 201 2.8 14.46 28.2
Slovenia 8 39 81 4 19.5 40.5
Turkey 35 255 1100 0.47 3.41 14.74
Total 522 1616 4010
Source: Measuring the Information Society, ITU, International Telecommunication Union,
Geneva, 2010.
18. The quantitative and comparative analysis clearly shows that printed media are much less
concentrated and competitive as opposed to broadcasting media (TV and particularly radio
media). The highest concentration of daily newspaper market is visible in Greece, Moldova,
Malta, Albania, Montenegro, Cyprus and Romania. On the other hand, the lowest concentration
of newspaper market is noticeable in Kosovo, FYR Macedonia, Bosnia and Herzegovina,
Turkey, Croatia, Serbia, Hungary, Slovenia, Bulgaria. At the same time, the highest media
concentration in TV media is visible in Malta, Albania, Cyprus, Montenegro, FYR Macedonia,
Montenegro, Romania, Slovenia, Kosovo, Serbia and Greece. In addition, the lowest
concentration of TV media market is present in Turkey, Bulgaria, Croatia, Bosnia and
Herzegovina and Moldova. Countries that have the highest radio market concentration include
Bosnia and Herzegovina, Greece, Kosovo, Serbia, Malta, Croatia, Montenegro, Romania,
Slovenia, Malta, FYR Macedonia. Countries that outstrip its competition by having considerably
lower concentration of radio market are Albania, Bulgaria, Hungary, Moldova and Turkey.
7. Scientific and innovation capacity in SEEC
In terms of the innovation and scientific potential, capacity as well as the development of its
infrastructure it is apparent that Slovenia is the leading country in the region while four other:
Hungary, Greece, Croatia and Cyprus are positioned globally in the top 40.
Country Index rank The 2011 Index rank of Index rank Index rank Index rank
in GERD – Legatum Institute the number of of the of the in PISA
Gross Education index researchers, number of quality of scales in
expenditure ranking headcounts (per scientific research reading,
in R & D million people), and institutions mathematics,
2007 technical (2010) and science
journal (average)
articles (per 2009
billion
GDP, 2005
PPP $=
2007
Albania n/a n/a n/a n/a n/a 58
Bosnia and 100 n/a 55 n/a 97 n/a
Herzegovina
Bulgaria 54 52 38 38 68 43
Croatia 35 40 34 29 47 36
Cyprus 36 45 38 n/a
Greece 50 25 28 14 n/a
Hungary 33 33 26 31 17 24
Kosovo n/a n/a n/a n/a n/a n/a
Macedonia, 71 63 49 66 66 57
FYR
Malta n/a n/a n/a n/a n/a n/a
Moldova n/a 58 n/a 43 n/a n/a
Montenegro n/a n/a n/a n/a n/a n/a
Romania 49 49 42 56 77 45
Serbia 60 n/a 41 27 52 41
Slovenia 19 15 21 8 26 20
Turkey 40 48 43 37 82 40
19. Sources:
UNESCO Institute for Statistics, UIS online database (2000-2009)
The 2011 Legatum Prosperity Index Rankings, Legatum Institute, London, United Kingdom
World Information Technology and Services Alliance, WITSA
Soumitra Dutta, The Global Innovation Index 2011: A Celebrating Growth and Development,
INDEAD, Fontainebleu, 2011.
OECD Program for International Student Assessment (PISA) 2009 and UNESCO Institute for
Statistics, US Online Database (2000-2009)
8. Comparative benefits and disadvantages of macroeconomic, financial, fiscal,
monetary, business and competitive markets
Most developed Most competitive macro-economic data: Trade and fiscal freedom
Least developed Least competitive macro-economic data: Business and monetary freedom
Country Index rank and The most Main Index Rank Most Least
the type of problematic advantages for and competitiv competitiv
stage of factors for doing business Classificatio e macro- e macro-
development - doing business - The Global n of economic economic
The Global – The Global Competitivenes economic data data
Competitivenes Competitivenes s Report 2011- freedom in
s Index 2011 - s Report 2011- 2012 2012, The
2012 2012 Heritage
Foundation
Albania 78 Innovation, Labor market 57 Fiscal Freedom
Efficiency Access to efficiency, Moderately freedom, from
driven financing, tax Corporate tax, free Monetary corruption,
rates, tax Prevalence of freedom, Property
regulations, trade barriers, Trade rights
market size strength of freedom
investor
protection, legal
rights, control of
international
distribution
Bosnia and 100 Innovation, Ease Education, 104 Trade Property
Herzegovin Efficiency of doing Inflation, Mostly freedom, rights,
a driven business, Access Corporate tax unfree Fiscal Governmen
to financing, tax freedom t spending,
rates, inefficient Freedom
government from
bureaucracy corruption
Bulgaria 74 Corruption, Strength of 61 Trade Property
Efficiency inefficient investor Moderately freedom, rights,
driven government protection, legal free Fiscal Freedom
bureaucracy, rights, Ease of freedom from
inflation, access doing business, corruption
to financing, Corporate tax
20. Innovation
Croatia 76 Market size, Quality of 83 Trade Property
Transition 2-3 Innovation, overall Moderately freedom, rights,
corruption, infrastructure, free Monetary Freedom
policy higher education freedom from
instability, and training corruption,
inefficient government
government spending,
bureaucracy, Labor
Ease of doing freedom,
business, tax
rates
Cyprus 47 Market size, tax Ease of doing 20 Trade Freedom
Innovation- rates, access to business, Mostly free freedom, from
driven financing, crime Corporate tax, Monetary corruption,
and theft higher education freedom Governmen
and training, t spending
property rights,
intellectual
property
protection,
judicial
independence,
state of cluster
development,
technological
readiness, legal
rights,
regulation of
securities
exchanges,
strength of
auditing and
reporting
standards,
protection of
minority
shareholders’
interests, quality
of overall
infrastructure,
country credit
rating,
effectiveness of
anti-monopoly
policy,
prevalence of
trade barriers,
control of
international
distribution,
value chain
breadth
Greece 90 Inefficient Protection of 119 Trade Governmen
Innovation government minority Mostly freedom, t spending,
driven bureaucracy, shareholders’ unfree Business Freedom
21. Ease of doing interests, quality Freedom from
business, access of infrastructure, corruption
to financing, prevalence of
Corruption, tax trade barriers,
regulations, domestic market
Policy size
instability,
Corporate tax
Hungary 48 Innovation, Ease of doing 49 Trade Governmen
Transition 2-3 access to business, Moderately freedom, t spending,
financing, tax intellectual free Business Freedom
regulations, tax property freedom from
rates, protection, corruption
corruption, capacity for
policy innovation,
instability foreign market
size,
technological
readiness,
availability of
financial
services,
regulation of
securities
exchanges, legal
rights
Kosovo Ease of doing Corporate tax
business
Macedonia, 79 Innovation, Ease of doing 43 Fiscal Freedom
FYR Efficiency access to business, Moderately freedom, from
driven financing, Corporate tax, free Monetary corruption,
inefficient strength of freedom Property
government investor Rights
bureaucracy, protection,
Inadequately Government
educated budget balance -
workforce, Poor % GDP, legal
work ethic in rights
national labor
force, market
size
Malta 51 Market size, State of cluster 50 Trade Governmen
Innovation- inefficient development, Moderately freedom, t spending,
driven government higher education free Monetary Freedom
bureaucracy, and training, freedom from
access to country credit corruption
financing rating, property
rights,
intellectual
property rights,
judicial
independence,
technological
readiness,
strength of
auditing and
22. reporting
standards,
protection of
minority
shareholders’
interests,
prevalence of
trade barriers,
effectiveness of
anti-monopoly
policy, value
chain breadth,
production
process
sophistication
Moldova 93 Innovation, Corporate tax, 124 Fiscal Freedom
Factor driven policy legal rights, freedom, from
instability, Government Trade corruption,
Market size, budget balance - freedom Property
Ease of doing % GDP, Rights,
business, General Governmen
corruption, government t spending,
access to debt - % GDP Labor
financing freedom,
Investment
freedom
Montenegro 60 Market size, Financial 72 Fiscal Governmen
Efficiency Innovation, market Moderately freedom, t spending,
driven access to development, free Labor Freedom
financing, tax Higher freedom from
rates, restrictive education and corruption,
labor training, Ease of Property
regulations, doing business, Rights
inadequate Corporate tax,
supply of legal rights,
infrastructure, legal rights,
inefficient inflation,
government regulation of
bureaucracy securities
exchanges,
strength of
investor
protection,
venture capital
availability, ease
of access to
loans
Romania 77 Innovation, tax Market size, 62 Trade Freedom
Efficiency rates, inefficient Labor Moderately freedom, from
driven government regulations, free Fiscal corruption,
bureaucracy, Legal rights, freedom Property
policy Strength of Rights
instability, investor
access to protection
financing
Serbia 95 Innovation, Education, 98 Fiscal Freedom
23. Efficiency inefficient Market size, Mostly freedom, from
driven government Corporate tax unfree Trade corruption,
bureaucracy, freedom Labor
Ease of doing freedom,
business, Governmen
Corruption t spending
Slovenia 57 Access to Higher 69 Trade Governmen
Innovation- financing, education and Moderately freedom, t spending.
driven inefficient training, free Business Labor
government Technological freedom freedom,
bureaucracy, readiness, financial
restrictive labor Innovation, Ease freedom
regulations, tax of doing
rates and tax business,
regulations Quality of
overall
infrastructure,
State of cluster
development
Turkey 59 Tax rates, Market size, 73 Trade Labor
Transition 2-3 inefficient Quality of Moderately freedom, freedom,
government overall free Fiscal Freedom
bureaucracy, tax infrastructure, freedom from
regulations, strength of corruption
inadequately investor
educated protection,
workforce financial market
development
(availability of
financial
services,
affordability of
financial
services,
soundness of
banks,
regulation of
securities
exchanges),
firm-level
technology
absorption,
Business
sophistication
(value chain
breadth, local
supplier
quantity, control
of international
distribution,
production
process
sophistication,
extent of
marketing)
24. Sources:
The Global Competitiveness Report 2011-2012, WEF, World Economic Forum, Geneva
2012 Index of Economic Freedom, Heritage Foundation, Washington, District of Columbia
11. ENTREPRENEURIAL, FINANCIAL AND MONETARY PARAMETERS OF
MACROECONOMIC COMPETITIVENESS IN SOUTH-EAST EUROPE
Country FDI in 2010 FDI Fitch Moody’s Standard Public Gross Current
million of inflow per credit credit & Poor’s debt in external account
euro capita (euro) rating rating credit % of debt in in % of
(2010) outlook outlook rating GDP % of GDP
outlook (2010) GDP (2010)
(2010)
Albania 831 294 n/a B1 B+ 58.2 36.6 - 11.8
Bosnia and 174 38 n/a B2 B 39.1 56.9 -6.1
Herzegovina
Bulgaria 1779 251 BBB- Baa2 BBB 16.3 101.6 -1.3
Croatia 281 66 BBB- Baa3 BBB- 40.1 99 -3.84
Cyprus 3600 3214 BBB Ba1 BB+ 105 129 -5.7
Greece 1691 157 CCC C CC 145 180 -10.5
Hungary 1363 137 BBB- Baa3 BB+ 81.3 143.3 -1.1
Kosovo 314 173 n/a n/a n/a 7 n/a -23.1
Macedonia, 159 77 BB+ n/a BB 35.4 59.5 -2.2
FYR
Malta 1000 2500 A+ A2 A 69 72 -5.39
Moldova 148 42 n/a n/a n/a 25 68.1 -8.3
Montenegro 574 926 n/a Ba3 BB 44.5 100.2 -25.1
Romania 2227 102 BBB- Baa3 BB+ 31 76.4 -4
Serbia 1003 141 BB- n/a BB- 42.9 83.1 -7.2
Slovenia 274 137 A- A2 A+ 38.8 115.2 -0.8
Turkey 6986 94 BB+ Ba2 BB 41.2 35.3 -6.5
Total 24213
Sources:
EBRD, European Bank for Reconstruction and Development, Transition Report 2011, Crisis and
Transition: The People's Perspective, London.
World Investment Report 2011: Non-Equity Modes of International Production and
Development
Division on Investment and Enterprise, United Nations Conference on Trade and Development,
UNCTAD, Geneva
Summary
Final conclusions
The most important conclusions that can be drawn from this comparative and quantitative
analysis implies that countries that provide most profitable business solutions for FDI in both
printed and broadcasting (TV and radio) media are Turkey, Bulgaria and Hungary. Moreover, the
most concentrated, competitive, oversaturated and hardest to enter printed and broadcasting
media markets are those of Greece, Montenegro, Romania and Malta.
25. In printed media, it is recommended to consider prospective FDI in Serbia, Hungary, Slovenia,
Bulgaria, Turkey, Croatia, Bosnia and Herzegovina, Kosovo, FYR Macedonia. The market entry
in the field of TV media is highly recommended in Hungary, Bulgaria, Croatia, Turkey, Croatia
and Moldova. Investing in radio stations is the least profitable business as prospective
investments in this particular media might be profitable only in the case of Hungary.
The analysis of urban population of the region also shows a clear relation between the high urban
population and high level of newspaper readership. Conversely, the high level of rural population
connotes a low level of newspaper readership. This is most evident in the case of Malta,
Hungary, Slovenia (dominantly urban population) and Moldova and Albania (dominantly rural
population). Moreover, more rural population increasingly favors watching television program as
it is evident in high TV viewing time in FYR Macedonia and Turkey.
Turkey’s printed media industry is particularly interesting for TNC’s international
entrepreneurial activities as the country has relatively low level of newspaper readership. Also,
the country does not have a high circulation of free newspapers distribution and market unlike
some other countries in the region most notably Greece, Romania, Slovenia, FYR Macedonia.
The main competitive advantage of Turkey in printed and TV media business as compared to the
rest of the South East Europe is its dominant market size, a high TV viewing time per viewer, as
well as high advertising market share of television market (57%) and high advertising share of
printed media (31%).
It is advisable to point out that Turkish media market is particularly beneficial for the prospective
media investors not only because of its market size, but also due to the fact that by 2050 Turkey’
GDP will be the twelfth largest in the world. Moreover, recent HSBC estimates predict that in
2020 Turkey’s GDP will overtake Canada’s and then South Korea’s (2031), Spain’s (2035) and
Italy’s (2042). In addition, the latest IMF forecasts project that Average Annual GDP Growth in
Turkey for the period between 2009 and 2050 will be 4.33% (the fourth largest after India,
Indonesia and China - among nineteen largest global producers). In the period of 2010-2011,
Turkey achieved the largest annual increase in real GDP growth rate in Europe - 8.2%.
At the same time, Turkey’s population is growing rapidly as well as the level of education,
economic and infrastructural development, technological readiness and investment in innovative
technology. Thus, it is advisable to point out that by 2050 Turkey’ GDP will be the twelfth
largest in the world. Recent HSBC estimates predict that in 2020 Turkey’s GDP will overtake
Canada’s and then South Korea’s (2031), Spain’s (2035) and Italy’s (2042). Moreover, the latest
IMF forecasts project that Average Annual GDP Growth in Turkey for the period between 2009
and 2050 will be 4.33% (the fourth largest after India, Indonesia and China - among nineteen
largest global producers). Istanbul is the fifth largest global financial center in the Middle East
after Dubai, Qatar, Bahrain and Riyadh. After Istanbul, the largest financial centers in South East
Europe are Budapest and Athens. Together with Romania, Turkey provides foreign media
corporations with the largest market size in the region SEE that is still considerably untapped.
Turkey together with Croatia and Serbia features very low free newspaper distribution so it
provides less competition to the circulation of daily newspapers. Also, very low audience share
of Public Service broadcasting implies that barriers to entry on the Turkish television market are
considerably lower as opposed to other competitive markets.
26. The GAWC’s Research Network’s index (2010) shows that the largest, most profitable and
cosmopolitan cities of the South-East Europe that will play particularly important financial and
global economic role in the future include: Alpha city – (Istanbul, Turkey), Beta + city (Athens,
Greece), Beta city (Budapest, Hungary and Bucharest, Romania), (Beta -) city (Nicosia, Cyprus
and Sofia, Bulgaria), Gamma + city (Zagreb, Croatia and Belgrade, Serbia), Gamma city –
(Ljubljana, Slovenia), High sufficiency city (Ankara, Turkey), Sufficiency city (Tirana, Albania
and Skopje, FYR Macedonia).
Nevertheless, the major disadvantages for prospective foreign investors in the media market of
South-East Europe are: insufficient cluster development, low level of innovation, access to
financing, inefficient government bureaucracy, restrictive labor regulations, corruption, policy
instability, inadequately educated workforce, poor work ethic in national labor force, property
rights, business and monetary freedom, relatively low credit rating outlook, low FDI per capita
and current account in % of GDP rank of the Country Brand, low country brand index (only four
countries – Greece, Croatia, Cyprus and Turkey are positioned among 50 most successful global
brand countries as measured by the Future Brand Country Brand Index in 2011.
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Appendix
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