WHAT HAS BEEN DRIVING THE RAPID GROWTH OF SERBIAN MANUFACTURING SINCE 2014 - WHY DOESTECHNOLOGY MATTER?

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Ivan Nikolić, PhD
Marina Zoroja, MA

Abstract

By the end of 2017 Serbia has reached the highest level of industrial production in the last quarter of the century. Rapid growth started in mid-2014. However, this paper argues that industrial dynamics are accompanied by a moderate technolo-
gical upgrading, insufcient to signifcant increase of the gross added value of the
economy. Furthermore, by means of a theoretical and empirical approach – dedu- ctive methods, statistical and mathematical evaluation, the authors have come to the conclusion that there are no uniform development solutions, nor it can be said
exclusively that industrialization and its technological development are crucial for the pace of growth. It is a necessary, not a sufcient condition.
Keywords: manufacturing, export, value added, technological change
JEL: L60, O14

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