Ivana Kostadinoviฤ – Faculty of Economics, University of Niลก, Trg kralja Aleksandra Ujedinitelja 11, Niลก, Serbia
Sunฤica Stankoviฤ – Faculty of Management Zajeฤar, Megatrend University, Park ลกuma Kraljevica bb, Zajeฤar, Serbia
7th International Scientific-Business Conference – LIMEN 2021 – Leadership, Innovation, Management and Economics: Integrated Politics of Research – CONFERENCE PROCEEDINGS, Online/virtual, December 16, 2021, published by the Association of Economists and Managers of the Balkans, Belgrade; Printed by: SKRIPTA International, Belgrade, ISBN 978-86-80194-54-7, ISSN 2683-6149, DOI: https://doi.org/10.31410/LIMEN.2021
Keywords:
Small and medium
enterprises sector;
Business;
Competitiveness;
Innovation;
Republic of Serbia;
European Union
DOI: https://doi.org/10.31410/LIMEN.2021.1
Abstract
In modern conditions, developed market economies base their growth and development on the small and medium enterprises sector and entrepreneurship, as the most efficient segment of the economy, which proยญvides the greatest contribution to employment, GDP and turnover. Since SMEs significantly contribute to employment, competitiveness and exports, developed countries have taken a systematic and organized approach to encourage their development and successful functioning. Following the exยญample of developed countries, developing countries, are increasingly basing their economic growth and development on the SME sector. In the Republic of Serbia, at the beginning of the 21st century, institutional changes were implemented, which resulted in the improvement of the business environยญment and significant progress in building a system for encouraging and supporting the development of SMEs. The paper aims to, through comparยญative analysis, explain the development of the SME sector in the Republic of Serbia and the European Union.
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