DEVELOPMENT PROCESSES IN THE INDUSTRY OF THE REPUBLIC OF SERBIA DURING THE FIRST DECADE OF THE 21st CENTURY
DEVELOPMENT PROCESSES IN THE INDUSTRY OF THE REPUBLIC OF SERBIA DURING THE FIRST DECADE OF THE 21st CENTURY

Summary/Abstract: The first decade of the 21st century in the Republic of Serbia is characterized by numerous changes of an economic nature. It was, in fact, a period of accelerated reforms based on the neoliberal concept, whose implementation was to steer the economy of the Republic of Serbia towards market economy, enable relatively high rates of economic growth, raise the level of national competitiveness and, ultimately, prepare the Serbian economy for the market match. However, the ten-year application of this concept has directed the Serbian economy in a different direction: towards foreign austerity, the disproportionate growth of the non-tradable goods and services sector and the overheating of domestic demand as the main driver of growth. The inability to autonomously or partially autonomously create their own sources of growth, on the one hand, and the continuation of the spiral of borrowing abroad, on the other, are the key indicators of the current state of the economy. Therefore, the Republic of Serbia was forced to change its economic growth model. According to many opinions, the development processes in industry, their position in the newly formed economic structure of the country, as well as the structural changes within the industry itself, are one of the key causes of negative development flows in the economy of the Republic of Serbia during the first decade of the 21st century. With this in mind, this paper analyzes the development processes in the industry of the Republic of Serbia during the first decade of the 21st century, namely: the changes in the structure of industry, the results of privatization of industry, the trends in employment in industry and the developments in foreign trade of industry.

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