• citations in SCIndeks: [2]
  • citations in CrossRef:[3]
  • citations in Google Scholar:[]
  • visits in previous 30 days:18
  • full-text downloads in 30 days:11


article: 8 from 10  
Back back to result list
2021, vol. 69, iss. 3-4, pp. 243-259
Serbian economy recovery in the post COVID-19 era: Cluster approach
Metropolitan University, Belgrade
The COVID-19 crisis differs from previous ones. It disrupts global value chains, redirects business toward regional cooperation in a highly globalized world, and forces new business model development toward digitalization. This crisis affected both supplyand demand-side and all countries worldwide, regardless of their economic strength. To support economic recovery, while at the same time fighting for health system endurance through lockdowns and prevention measures, economic decision-makers all around the globe have been using expansive macroeconomic policies. One of the first measures was loosening monetary policy. Such measure was taken in 80% of the countries globally and in all emerging markets. Fiscal policy was significant in supporting demand in the short-term, simultaneously resulting in higher public debt, which is becoming one of the constraints for future development. While economists of today are discussing which letter visualizes the best the character of this crisis - V, U, L, W, we got the letter K, which indicates that recovery among countries will differ in growth rates and duration. Accordingly, we are going to live in a world where change is the only constant. To survive within these conditions, digitalization and key clusters' development are crucial for long-term competitiveness. In this paper, we analyzed the competitiveness of the Serbian economy by using the Country Competitiveness Index, emphasizing the importance of microeconomic indicators that represent a powerful tool in analyzing crucial segments for the economy's recovery. We also focused on three clusters' potential: tech, agribusiness and organic food, and tourism.
Alfani, G., Murphy, T.E. (2017) Plague and Lethal Epidemics in the Pre-Industrial World. Journal of Economic History, 21 February 2017. Retrieved from
Baldwin, R. (2020) The greater trade collapse of 2020: Learnings from the 2008-09 great trade collapse. CEPR, Retrieved April 7, 2020 from
Baldwin, R., Freeman, R. (2020) Supply chain contagion waves: Thinking ahead on manufacturing 'contagion and reinfection' from the COVID concussion. Retrieved April 01, 2020 from
Baldwin, R., Weder, D.M.B. (2020) Introduction. in: Baldwin Richard, Weder di Mauro Beatrice [ed.] Economics in the Time of COVID-19, London: Centre for Economic Policy Research (CERP, 1-30
Bulow, J., Reinhart, C., Rogoff, K., Trebesch, C. (2020) The debt pandemic. Finance & Development, 12-16
Cirillo, P., Taleb, N.N. (2020) Tail risk of contagious diseases. Nature Physics, 16(6), 606-613.
Delgado, M., Ketels, C., Porter, M.E., Stern, S. (2012) The Determinants of National Competitiveness. National Bureau of Economic Research, No. w18249
Ferreira, J., Estevao, C. (2009) Regional competitiveness of a tourism cluster: A conceptual model proposal. Encontros Cientificos: Tourism & Management Studies, 37-51
Gopinath, G. (2021) Managing divergent recoveries. IMF, Retrieved April 6, 2021 from managing-divergent-recoveries/?utm_medium=email&utm_source=govdelivery
Harari, Y.N. (2020) In the Battle Against Coronavirus, Humanity Lacks Leadership. Time, March 15, 2020. Retrieved from
Harari, Y.N. (2020) The world after coronavirus. Financial Times, 20(03): 2020-2020
IMF (2021) World Economic Outlook
Jorda, O., Singh, S.R., Taylor, A.M. (2020) Longer-Run Economic Consequences of Pandemics. Federal Reserve Bank of San Francisco Working Paper, 2020-09
Kerr, S.P., Kerr, W. (2020) Immigrant entrepreneurship in America: Evidence from the survey of business owners 2007 & 2012. Research Policy, 49(3): 103918-103918
Kerr, W.R., Robert-Nicoud, F. (2020) Tech Clusters. HBS Working Paper, 20-063
Ketels, C., Clinch, J.P. (2020) Acting now while preparing for tomorrow: Competitiveness upgrading under the shadow of COVID-19. ISC Working Paper, Retrieved April 29, 2020 from WPX20version_04-29-20.pdf
Kissinger, H. (2020) The coronavirus pandemic will forever alter the world order. Wall Street Journal, 3(4), Retrieved from
Kovačević, D. (2020) TV interview on National Broadcasting Service - RTS. April 4:
Kovačević, D. (2020) Ja to tamo pevam. Beograd: Laguna
Kukić, Z., Kuzman, T., Kovač, A. (2019) Start-up scanner: How are start-ups doing in Serbia. Retrieved from
Marshall, A. (1890) Principles of Economics. London: Macmillan
Matijević, M., Šolaja, M. (2020) ICT in Serbia: At a glance. Retrieved from
Ministry of Agriculture, Forestry and Water Management (2014) Retrieved from
Ministry of Trade, Tourism and Telecommunications of Serbia (2021) Strategic marketing plan till 2025. Retrieved from
Ministry of Trade, Tourism and Telecommunications of Serbia (2016) Tourism development strategy of the Republic of Serbia 2016-2025
National Bank of Serbia (2020) Inflation Report: November 2020. Retrieved from
National Bank of Serbia (2021) Inflation Report: February 2021. Retrieved from
Porter, M.E. (1998) Clusters and the new economics of competition. Harvard Business Review
Porter, M.E., Delgado, M., Ketels, C., Stern, S. (2008) Moving to a new global competitiveness index. in: Porter M.E., Schwab K. [ed.] Global competitiveness report 2008/2009, Geneva: World Economic Forum, 43-63
Porter, M.E. (2008) Clusters and competition: New agendas for companies, governments, and institutions. in: Porter M.E. [ed.] On Competition M.E., Boston: Harvard Business School Press, pp. 213-304
Porter, M.E. (2008) The competitive advantage of nations. in: Porter Michael E. [ed.] On Competition, Boston, MA: Harvard Business Press, 171-211
Rolling Stones (2020) Living in a ghost town. Premiered April 23, 2020:
Savić, N., Džunić, M., Brkić, I., Subotić, J., Đenić, M. (2011) The role of clusters in improvement of regional cooperation and development. in: Cerović B. [ed.] Recent Economic Crisis and Future Development Tendencies: The International Conference of Association of Economic Universities of South and Eastern Europe and the Black Sea Region (ASECU) (7th), Proce, Rostov-on-Don, Russia
Savić, N., Lazarević, J., Kukić, Z., Marinković, E. (2019) Digital transformation: Challenges for companies in Serbia. Ekonomika preduzeća, vol. 67, br. 1-2, str. 101-114
Savić, N. (2012) Comparative analysis based on new competitiveness index. Panoeconomicus, vol. 59, br. 1, str. 105-115
Statistical Office of the Republic of Serbia (2020) Tourist turnover. Retrieved from
Tabaković, J. (2021) Speech delivered at Money Fair 21 Conference. March:
UNWTO (2021) COVID 19 and tourism. Retrieved from
Vox, B. (2020) Let your love be known. Premiered on March 17, 2020 by U2:
World Bank (2010) Doing Business 2011. Washington, DC
World Bank (2008) Doing Business 2009. Washington, DC
World Economic Forum (2019) The travel and tourism competitiveness report. Retrieved from
World Economic Forum (2008) The global competitiveness report 2008-2009. Geneva
World Economic Forum (2011) The global competitiveness report 2011-2012. Geneva
World Travel Tourism Council (2019) Economic Impact Report. Retrieved from


article language: English
document type: Original Scientific Paper
DOI: 10.5937/EKOPRE2103243S
received: 27/01/2021
published in SCIndeks: 25/05/2021

Related records