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Structural Changes In The Light Of New Industrial Strategy

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  • Zoran Aranđelović

    (University of Niš, Faculty of Economics)

  • Marija Petrović-Ranđelović

    (University of Niš, Faculty of Economics)

  • Vladislav Marjanović

    (University of Niš, Faculty of Economics)

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    Abstract

    Although a certain progress was made on a developmental trajectory in the last decade of the implementation of reform processes, the fact is that the economic performance of the Serbian economy has been unsatisfactory, due to the impact of factors of internal character and indirect influence of external factors, especially the global financial and economic crisis. The crisis not only slowed down the process of structural reform and adjustment of the Serbian economy to the requirements of a modern market economy, but also limited the opportunities for achieving basic development goals defined in the National Strategy of Economic Development from 2006 to 2012. With the slowdown of transition process of the Serbian economy under the influence of crisis the true picture of the challenges that the Serbian economy will face in the future has been revealed, which has imposed the need to redefine the existing basis of its development, change the concept of development and adapt the system within which a new concept will be realized. The new pro-investment and export-oriented growth model implies the implementation of measures directed towards intensifying structural reforms of the Serbian economy, with a focus on investment, exports and increasing the share of industrial sector in GDP structure, as well as measures aimed at accelerating the reform process and the involvement of Serbia into European integration structures. In the last decade of the transition process the Serbian economy did not experience any substantial change in its economic structure. Experience of advanced countries in transition confirms that implemented structural reforms contribute to accelerating the pace of economic growth and achieving a qualitative shift in the structure of industrial production. Given the fact that the new development orientation of the Serbian economy emphasizes the role that the industry, particularly manufacturing, will have in its realization, the goal of this paper is to highlight the importance of finding ways to accomplish more efficient transformation of the structure of Serbia’s economy in achieving the goals of pro-investment and export-oriented growth model.

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    Bibliographic Info

    Article provided by SAE - Serbian Association of Economists in its journal SAE Journal.

    Volume (Year): (2013)
    Issue (Month): 5-6 (August)
    Pages: 373-385

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    Handle: RePEc:srb:journl:y:2013:i:5-6:p:373-385

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    Related research

    Keywords: structural changes; transition; Serbian economy; foreign direct investment; industry;

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    References

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    1. Silva, Ester G. & Teixeira, Aurora A.C., 2008. "Surveying structural change: Seminal contributions and a bibliometric account," Structural Change and Economic Dynamics, Elsevier, vol. 19(4), pages 273-300, December.
    2. Jan Fagerberg & Bart Verspagen, 2001. "Technology-Gaps, Innovation-Diffusion And Transformation: An Evolutionary Interpretation," Working Papers 11, Centre for Technology, Innovation and Culture, University of Oslo.
    3. Szirmai, Adam, 2012. "Industrialisation as an engine of growth in developing countries, 1950–2005," Structural Change and Economic Dynamics, Elsevier, vol. 23(4), pages 406-420.
    4. Szirmai, Adam & Verspagen, Bart, 2011. "Manufacturing and Economic Growth in Developing Countries, 1950-2005," MERIT Working Papers 069, United Nations University - Maastricht Economic and Social Research Institute on Innovation and Technology (MERIT).
    5. Szirmai, Adam & Verspagen, Bart, 2011. "Manufacturing and Economic Growth in Developing Countries, 1950-2005," MERIT Working Papers 069, United Nations University - Maastricht Economic and Social Research Institute on Innovation and Technology (MERIT).
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