Green Growth as a Generator for Overcoming the Crisis

Biljana Jovanovic Gavrilovic () and Natalija Minic
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Biljana Jovanovic Gavrilovic: University of Belgrade, Faculty of Economics, Belgrade
Natalija Minic: University of Belgrade Faculty of Geography

Economic Analysis, 2012, vol. 45, issue 1-2, 19-31

Abstract: Faced with the severest economic crisis after World War Two, the global economy is turning to new sources of growth, which should guide it on the road to economic recovery. In such circumstances, the idea of green growth, based on the belief that economic growth and care for the environment go "hand in hand," is being reaffirmed. In a way, green growth represents a step backward, i.e., going back to the UN Conference on Environment and Development held in Rio in 1992, when environmental sustainability of economic growth was the focus of attention. On the other hand, green growth also represents a step forward, as it is a practical and flexible approach that should contribute to the implementation of the concept of sustainable development in all its dimensions: economic, environmental and also social. A large number of countries, including the European Union, follow the green growth model, respecting national idiosyncrasies, which is demonstrated in this paper. In order to communicate with Europe and the world successfully, Serbia needs to share their fundamental values and commitments, but also preserve its national economic identity. Green growth (in the context of sustainable development) is a good option for Serbia and is its strong link to the rest of the world.

Keywords: Green growth; sustainable development; environment; economic crisis; investment; employment; natural capital; renewable energy sources; public policies (search for similar items in EconPapers)
JEL-codes: Q01 Q56 (search for similar items in EconPapers)
Date: 2012
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