Importance of Investments in Science and Technology in Serbia and SEE countries

Zubović, Jovan and Reljić, Marija and Novović, Bojana and Jeločnik, Marko (2013) Importance of Investments in Science and Technology in Serbia and SEE countries. In: V Международной научно-практической конференции : Современные проблемы развития националнЬной экономики. "АГРУС", Ставрополы, pp. 33-39. ISBN 978-5-9596-0919-1

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Abstract

The importance of investments in research and development in recent years for sustainable growth and development of the economy is becoming widely recognized. Several authors have confirmed its importance in specific countries in the environment of rapid globalization. In this paper we are aiming to identify the correlation between investments in Science & Technology (S&T) and growth of GDP in South Eastern European (SEE) countries. In the analysis we cover the economies of Albania, Bosnia and Herzegovina, Bulgaria, Montenegro, Croatia, Greece, Macedonia FYR, Moldova, Romania, Serbia and Turkey and compare the results with EU countries. Regarding the research methodology we estimate the investments in S&T over indicators the number of researchers per million people and tertiary enrolment rate, while the economic growth is measured by change in the real GDP per capita. The results show that improved indicators have signifi cant impact on growth of real GDP in SEE countries.

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