Serbia Facing the Challenges of Sustainable Growth

Biljana Jovanović Gavrilović, a professor at the Faculty of Economics, University of Belgrade, assesses reforms conducted in Serbia before and after the commencement of the global economic crisis in 2008. In this week’s contribution to the VIP Blog on Sustainable Development, she points out the necessary measures to be taken in the forthcoming years, discusses problems of public finances, and outlines the necessity of industry revitalization.

“Before the outbreak of the global financial depression, we saw a relatively dynamic, although unstable growth in Serbia’s GDP... Yet, the unsatisfactory quality of actual production increase remains the key issue. Not only was the growth developed at the cost of the future (because lacking funds were compensated for by increasing foreign debt), but also at the expense of the past (because the used substance was produced in the previous periods) “, professor Jovanović Gavrilović argues.

She notes that many within the EU “advocate the renaissance of the European industry“ and adds that “without a doubt, revitalization of industry should be one of the primary concerns for the creators of our development strategies and policies. Also, the industry is not necessarily synonymous with "factory chimneys", but rather with modern production, based on research and development, which would take into account the environmental criteria“.

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