STRUCTURAL TRANSFORMATIONS - A DEVELOPMENT IMPERATIVE

Edvard Jakopin and Jurij Bajec
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Edvard Jakopin: Ministry of Finance Department of National Development
Jurij Bajec: University of Belgrade Faculty of Economics Department of Economic Theory and Analysis

Serbian Association of Economists Journal, 2012, issue 1-2, 79-93

Abstract: Economic growth is not possible without structural changes. The economic structure of an economy depends on the degree of development and of its comparative industrial advantages.The analysis of reform experiences shows that transition results depend both on the speed of implemented reforms and on the starting position. Generally speaking, economic growth was higher in those transition economies where reforms were faster than in those that pursued a strategy of gradual development. The crisis brought to the fore the importance of industrial policy, particularly in transition economies. A development imperative of the Serbian economy are structural changes in manufacturing industry. The industrial structure in place is characterized by low level of value added generated by exports. The paper emphasizes the significance of three focal points of structural transformations: reformulation of macroeconomic policies to prop up industrial development, the development of dynamic entrepreneurship, and regional development of industry. Structural transformations are of decisive importance to the reallocation of resources to more productive sectors of the economy and for making room for new enterprises and development of the entrepreneurial sector

Keywords: structural transformations; manufacturing; competitive position; structural development problems; macroeconomic framework for industrial development; dynamic entrepreneurship; regional development industry. JEL Classifcation: L16; 011; 014; 025; P21. (search for similar items in EconPapers)
JEL-codes: E00 (search for similar items in EconPapers)
Date: 2012
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