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Sources, Reserves, and Convergence of the Serbian Economic Growth - Jobless Growth of the Serbian Economy

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  • Popovic, Milenko

Abstract

The topic of this paper is an analysis of the growth of the Serbian economy. The paper is primarily devoted to the analysis of the sources of growth of the Serbian economy. In this regard, apart from conventional decomposition of growth (into contributions of capital, labor, and total factor productivity), the demand side and the industry composition sides of the sources-of-growth analysis are also considered. Furthermore, on the basis of these results, the reserves for further growth of the gross domestic product per capita are identified and estimated. Special attention is given to a possible increase in the total factor productivity, induced by the advance in “broader knowledge”, and to an increase in the labor participation rate. Institutional and policy prerequisites for realization of these reserves of growth are also briefly analyzed. Finally, on the basis of different assumptions regarding magnitudes of realization of these reserves, future convergence of the Serbian economy toward E15 and E27 countries is given.

Suggested Citation

  • Popovic, Milenko, 2013. "Sources, Reserves, and Convergence of the Serbian Economic Growth - Jobless Growth of the Serbian Economy," MPRA Paper 49773, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:49773
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    References listed on IDEAS

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    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    sources of growth; growth reserves; convergence;
    All these keywords.

    JEL classification:

    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
    • O43 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Institutions and Growth
    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence

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