RECIPROCITY BETWEEN LEVEL OF DEVELOPMENT OF ECONOMY AND RESULTS OF TRANSITION
Keywords:
economic development, ex-SFRY countries, transition, results of transition.Abstract
In this paper is given analysis of reciprocity between level of development of economy and results of transition on example of ex-SFRY countries in period from 1945 until 2008. Analysed period is divided in three sub-periods.
First sub-period of Kingdom of Yugoslavia is marked with low level of economic growth, just over the rate of natural increase of number of inhabitants and domination of foreign capital in key areas of economy.
In first sub-period, SFRY achieved high rates of economy grow, approximately the same level in all republics, with increased country obligations abroad and with hint of economic crises that arise in 1990s.
Second sub-period marked disintegration of SFRY, civil war on area of Croatia and Bosnia and Herzegovina, negative rate of economic growth in first and mild economic recovery in second half of 1990s. However, on the contrary of exSFRY countries, they managed to fulfil full economic stability and high rates of economic growth. Today those countries are members of European Union.
Period after 2000 (Third fourth sub-period) is marked with high rates of economic growth in almost all ex-SFRY countries, along with stabilisation of other indicators and adjustment with criteria from Maastricht for EU accession. Serbia has achieved good results in this sub-period, comparing to previous, but they are still lower from those achieved at the beginning of 1990s.
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