RESILIENCE AND SUSTAINABILITY AS AN IMPERATIVES FOR THE DEVELOPMENT OF THE NATIONAL ECONOMY IN A TURBULENT ENVIRONMENT

Univerzitet u Beogradu – Ekonomski fakultet u Beogradu, Republika Srbija
Serbia

Centar za razvoj ekonomske nauke, Republika Srbija
Serbia


Abstract

We live in a time of discontinuity, dynamic and unexpected changes. The shocks that have hit the global economy in recent years have raised uncertainty to an extremely high level, and this has a negative impact on economic growth and development. The readiness of the national economies, including the economy of Serbia, to provide an adequate response to the challenges of the permanent crisis, which is only changing its appearance, is being tested. A defensive, fragmented and crisis-oriented approach is short-lived and insufficient. In parallel, work should be done on predicting long-term risks and preparing for them in a timely manner, in order to increase resistance to expected threats and open the way to sustainable development. The paper more closely defines the concept of resilience (economic and societal), as intangible capital whose importance is growing in modern conditions, and points to its connection with sustainability, which has been the focus of interest of development economists for some time. Special attention is paid to the measurement of resistance and sustainability using appropriate composite indicators, in general and in the conditions of Serbia. The available results are analyzed, which point to desirable courses of action in the interest of achieving dynamic and sustainable economic growth and development.

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