The Competitiveness Overview of Serbia, Montenegro and Croatia in 2019
Article Sidebar
Main Article Content
Abstract
Competitiveness has always been significant in achieving sustainable economic growth in the medium term. This article presents a comparative analysis of the competitiveness of the Western Balkan countries - Serbia, Montenegro and Croatia based on the values of the Global Competitiveness Index of the World Economic Forum, the World Bank Doing Business Index and the Heritage Foundation's Economic Freedom Index for 2019. There are some areas where some improvement is needed to increase the level of competitiveness. Based on results of the survey, Serbia is more competitive than Montenegro and Croatia in 2019, mainly due to the highest values of the Doing Business Index and the Heritage Foundation's Economic Freedom Index. Croatia is in second place, followed by Montenegro. Regardless of their competitiveness ranking, significant progress will be needed in terms of development of innovation capacity, fight against corruption, efficiency of the judiciary and reduction of general government expenditure.
Article Details
Section
Once the manuscript is accepted for publication, authors shall transfer the copyright to the publisher. If the submitted manuscript is not accepted for printing by the journal, the authors shall retain all their rights. The following rights on the manuscript are transferred to the publisher, including any supplementary materials and any parts, extracts or elements of the manuscript:
- the right to reproduce and distribute the manuscript in printed form, including print-on-demand;
- the right to print prepublications, reprints and special editions of the manuscript;
- the right to translate the manuscript into other languages;
- the right to reproduce the manuscript using photomechanical or similar means including, but not limited to photocopy, and the right to distribute these copies;
- the right to reproduce and distribute the manuscript electronically or optically using and all data carriers or storage media, and especially in machine readable/digitalized form on data carriers such as hard drive, CD-ROM, DVD, Blu-ray Disc (BD), Mini Disc, data tapes, and the right to reproduce and distribute the article via these data carriers;
- the right to store the manuscript in databases, including online databases, as well as the right to transmit the manuscript in all technical systems and modes;
- the right to make the manuscript available to the public or to closed user groups on individual demand, for use on monitors or other readers (including e-books), and in printable form for the user, either via the Internet, online service, or via internal or external networks.
Authors reserve the copyright to published articles and have the right to use the article in the same manner like third parties in accordance with the licence Attribution-Non-Commercial-Non-Derivate 4.0 International (CC BY NC ND). Thereby they must quote the basic bibliographic data of the source article published in the journal (authors, article title, journal title, volume, pagination).
References
Aničić, J, Aničić D. & Kvrgić G. 2019. "Sustainable growth and regional competitiveness of the Serbian economy". Ekonomika, Journal for Economic Theory and Practice and Social Issues 65.1350-2019-4035: 65-74.
Begović, B. 2019. "The concept of the institutional frontier and its analytical reach in the study of economic growth". Annals of the Faculty of Law in Belgrade 67.1: 93-112.
Bubanja I. B. 2019. "Quality of business environment - basis for development of soft power of Serbia". Technique - IMS quality, standardization and metrology 19: 733-740.
Buterin V, Bojana Olgić Draženović & Pavle Jakovac. 2018. "Institutions as determinants of economic growth - The case of Croatia and selected EU member States ". Proceedings of the Polytechnic of Rijeka 6.1 217-234.
De Guindos, L. 2019. "Growth and competitiveness in the euro area". https://www.ecb.europa.eu/press/key/date/2019/html/ecb.sp190907~81df41228e.en.html (accessed December 2, 2019).
Despotović, D, Cvetanović S. & Nedić V. 2014. "Innovativeness and competitiveness of the Western Balkan countries and selected EU member states". Industry 42.1: 27-45.
Cvetanović, Nedić & Despotović L. 2019. "The analysis of business conditions in Western Balkan countries". Ekonomika, 65(3), 13-19.
Doing Business. 2019. About us. www.doingbusiness.org (accessed December 8, 2019).
Doing Business. 2019. Doing Business 2020 data notes. www.doingbusiness.org (accessed November 10, 2019).
Dong-sung C. & Hwy-Chang M. 2013. From Adam Smith to Michael Porter: evolution of competitiveness theory (extended edition) (Vol. 7). World Scientific.
European Commission. 2019. Montenegro 2019 Report. Commission Staff Working Document, Brussels.
Golubović, N. L. 2019. "The importance of the rule of law for improving the business environment in Serbia". Proceedings of Novi Sad Faculty of Law, Novi Sad 53.1.
Hassett K. A. 2012. "Rethinking Competitiveness". The AEI Press.
Index of economic freedom. 2019. Croatia. www.heritage.org (accessed November 10, 2019).
Index of economic freedom. 2019. Montenegro. www.heritage.org (accessed November 10, 2019).
Index of economic freedom. 2019. Serbia. www.heritage.org (accessed November 10, 2019).
Index of economic freedom. 2019. Serbia. https://www.heritage.org/index/pdf/2019/countries/serbia.pdf (accessed December 5, 2019).
Kamenković S. & Lazarević Moravčević M. 2018. "The impact of business environment on the performance of the SME sector in Serbia." Poslovna ekonomija, 12(1), 33-53.
Khemani R. S. & Shapiro D. M. 1993. "Glossary of Industrial Organisation Economics and Competition Law". Commissioned by the Directorate for Financial, Fiscal and Enterprise Affairs, OECD.
Krugman P. R. 1997. "The Age of Diminished Expectations: U.S. Economic Policy in the 1990s". University Paul Krugman, MIT Press.
Lepojević, V, Ivanović Đukić M. & Stefanović S. 2019. "The impact of corruption on starting the new businesses-comparative analysis of Western Balkan countries and developed European countries". Teme: 527-542.
Miller T, Kim A. B. & Roberts J. M. 2019. "Index of economic freedom". The Heritage Foundation.
Ministry of foreign affairs of the Republic of Serbia. 2020. EU integration process and regional cooperation. www.mfa.gov.rs (accessed January 15, 2020).
Mićić, V. 2010. "Clusters - a factor in improving the competitiveness of the Serbian industry". Economic horizons, 12, 2: 57-74.
OECD, 2019. Competition enforcement practices. www.oecd.org (accessed December 4, 2019).
Porter, M. E. 1990. The Competitive Advantage of Nations. Free Press, New York.
Porter M. E. & Schwab K. 2009. The Global Competitiveness Report, 2008 – 2009. World Economic Forum.
Radović Marković M. 2019. "Impact of Globalization on Competitiveness in Western Balkans". J. Entrep. Bus. Resil 3: 7-11.
Radović Marković, M, Nikitović Z. & Jovančević D. 2015. "Toward Green Economy: Opportunities and Obstacles for Western Balkan Countries". Xlibris Corporation, SAD.
Schwab K, 2018. Global Competitiveness Report 2018. World Economic Forum.
Schwab K, 2019. Global Competitiveness Report 2019. World Economic Forum.
Tanasković, S. & Ristić B. 2015. "Competitive position of Serbia in 2015 according to the World Economic Forum Report". Faculty of Economics, University of Belgrade and Foundation for the Development of Economic Science.
Tešić, J. 2013. "Openness and competitiveness of small transition economies". Acta Economica 11.18: 317-336.
Vuković B. D. 2013. "Correlation analysis of regional competitiveness indicators: the case of the Republic of Serbia". Economic horizons, year XV, Notebook 3: 197 – 211.
World Bank Group, 2019. Doing Business 2019, Training for Reform. A World Bank Group Flagship Report, 16th edition.
World Economic Forum, 2019. How the Western Balkans Can Keep Its Economic Momentum. www.weforum.org (accessed December 5, 2019).