Knowledge-based Economy as a competitiveness Factor of Serbia

Abstract

This paper analyzes how research and development is priority for Serbia and achievement of our country in the separation of GDP for research and development. The aim of this paper is to show that there is a connection between macroeconomic performance of national economies and their Global Competitiveness Index, which is proved by the example of Serbia, Croatia, Slovenia, Romania and Bulgaria. The first hypothesis is that there is a positive relationship between investment in R&D in GDP and GDP p/c. Second hypothesis is that the macroeconomic performance of the observed economiesare positively correlated with their Global Competitiveness Index. In order to verify the hypotheses we will use the comparative analysis of macroeconomic performance and the Global Competitiveness Index for Serbia and observed countries and the correlation analysis to describe the direction and strength of the two above-mentioned continuous variables. So,Pearson’s coefficientof correlations was calculated between investment in R&D (as a percentage of GDP) and GDP p/c, and also between the Global Competitiveness Index and GDP p/c of the countries analyzed. The research is based on data collected from the Global Competitiveness Report, Transition Report, a database of the World Bank, Statistical Office of the Republic of Serbia, as well as data from the Strategy of Scientific and Technological Development of Republic of Serbia for the period 2010 to 2015.