KAKO UBRZATI EKONOMSKI RAST I RAZVOJ ZEMALJA ZAPADNOG BALKANA?
HOW TO ACCELERATE ECONOMIC GROWTH AND DEVELOPMENT OF THE WESTERN BALKANS COUNTRIES?

Author(s): Radomir Božić
Subject(s): Economy, National Economy, Business Economy / Management, Micro-Economics, Marxist economics, Public Finances, ICT Information and Communications Technologies
Published by: Finrar d.o.o Banja Luka
Keywords: Small open economies; Western Balkans; information and communication technologies; Industry 4.0; knowledge; innovation; digitalization; internationalization; OFDI;
Summary/Abstract: The paper points out the need, importance, determinants and policies of accelerating economic growth and development of the Western Balkan countries in the function of catching up and convergence with developed countries. The starting point is that to achieve this goal, adequate policies are needed at the macro and micro level, the implementation of which should ensure the strengthening of competitiveness of companies from these countries, appropriate integration into global value chains and catching up with market leaders from developed countries and at the same time convergence of the secountries with developed countries.The first part of the paper elaborates the experiences of Central and Eastern European countries, based on the application of information and communication technologies and the achievements of Industry 4.0 and their contribution to production and productivity growth, which for some of these countries was faster than in developed EU countries(EU15) and thus enabling them to catch up or reduce the development gap.The second part of the paper presents the experiences of developing countries, including Central and Eastern European countries, in the internationalization of their companies through foreign direct investment (OFDI), as determinants of acquiring and maintaining competitiveness and catching up with companies from developed countries as market leaders and contribute to the convergence of these countries with developed countries.The third part of the paper synthesizes the basic potentials, challenges and possible answers of the creators of economic and business policies of the Western Balkans as small open developing economies in the function of accelerating and sustainable economic growth and development at micro and macro level and their convergence with developed countries.

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