Comparative Analysis of the Development of the Small and Medium Enterprises Sector in the Republic of Serbia and the European Union
Comparative Analysis of the Development of the Small and Medium Enterprises Sector in the Republic of Serbia and the European Union

Author(s): Ivana Kostadinović, Sunčica Stanković
Subject(s): Social Sciences, Economy
Published by: Udruženje ekonomista i menadžera Balkana
Summary/Abstract: In modern conditions, developed market economies base their growth and development on the small and medium enterprises sector and entrepreneurship, as the most efcient segment of the economy, which provides the greatest contribution to employment, GDP and turnover. Since SMEs signifcantly contribute to employment, competitiveness and exports, developed countries have taken a systematic and organized approach to encourage their development and successful functioning. Following the ex ample of developed countries, developing countries, are increasingly basing their economic growth and development on the SME sector. In the Republic of Serbia, at the beginning of the 21st century, institutional changes were implemented, which resulted in the improvement of the business environment and signifcant progress in building a system for encouraging and supporting the development of SMEs. The paper aims to, through comparative analysis, explain the development of the SME sector in the Republic of Serbia and the European Union.

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