Empowering Sustainable Growth Through Emerging Technologies in Serbia and North Macedonia

The aim of this paper is to empirically examine the impact of exports on the economic growth of Serbia and North Macedonia. Both countries represent small, open economies of the Western Balkans that rely heavily on trade with the European Union and undergo similar transition processes, but differ, among other things, in market size, export structure, and industrial capacity. The comparative analysis provides insights into the specific challenges and potentials of both countries and may serve policymakers in the Western Balkans in shaping strategies for sustainable economic growth. The research is based on annual time series covering GDP per capita growth rate, the share of exports in GDP, the share of imports in GDP, and the share of foreign direct investment (FDI) inflows in GDP for the period 1995–2024. The analysis was conducted using the Autoregressive Distributed Lag (ARDL) model, which is particularly suitable for examining macroeconomic time series of different orders of integration. The results of the ARDL bounds test indicate the existence of cointegration among the observed variables in both countries. In the long run, exports have a positive and statistically significant effect on GDP per capita growth in Serbia and North Macedonia. However, in the short run, exports in Serbia show a lagged negative effect on economic growth, while in North Macedonia their short-run effect is not statistically significant. Imports and FDI serve as control variables in the model. In Serbia, imports stimulate growth in the short run but pose a risk of negative long-term effects, indicating dependence on the external sector and an unfavorable import structure. In North Macedonia, imports have no statistically significant effects. FDI in both countries represent a consistent and significant growth factor, as they exert both short-run and long-run positive effects on GDP per capita growth, confirming the importance of capital inflows and technology transfer for sustainable economic growth.

Simple SummaryThe problem of stray dogs, especially in urban areas, is a challenge for the modern world. We investigated this problem in a sample from the Vardar Planning Region in North Macedonia, where there has been an increase in the number of stray dogs. The aim of this paper is to evaluate the financial and socio-economic justification for the construction of a new shelter for stray dogs in this region, as existing capacities are not sufficient. The analysis confirmed that the socio-economic benefits from this project are multiple, including savings in stray dog bite costs, savings in the cost of traffic accidents caused by stray dogs, and savings in the treatment of diseases caused by stray dogs. The results of the economic analysis show that the Economic Net Present Value is positive and amounts to EUR 789,916. The Economic Internal Rate of Return is 25.94% and the Economic Benefit–Cost Ratio amounts to 1.90, i.e., greater than 1. Quantifying the additional socio-economic benefits of such projects may be a challenge for future research. The results of our analysis can benefit the decision-makers who will be involved in the implementation of this and other similar projects, which represents a practical contribution of our paper to this field.The modern world faces serious challenges associated with the presence of stray dogs on the streets, especially in urban areas. Vardar Planning Region in North Macedonia, which consists of nine municipalities, experiences such challenges. According to current reports, the number of stray dogs on the streets of cities in this region has increased, which has resulted in an increase in the number of dog attacks on residents. As the existing capacities are small in the registered shelters, we considered the possibility of building a new shelter for stray dogs to meet the needs of this region. The goal of our paper is the evaluation of the financial and socio-economic justifications for the construction of a shelter for stray dogs in the Vardar Planning Region (VPR). The results of the financial justification analysis show that the project does not provide satisfactory financial results. Namely, the Financial Net Present Value (FNPV) is negative, with a value of EUR 75,291. The Financial Internal Rate of Return (FIRR) is 0.57%, lower than the discount rate, which is not acceptable for a private investor. The Financial Benefit–Cost Ratio (FB/CR) of this project is 0.925, suggesting that the total discounted costs are greater than the total discounted revenues. On the other hand, the expected socio-economic benefits from this project are multifaceted, including savings in stray dog bite costs, savings in the cost of traffic accidents caused by stray dogs, and savings in the treatment of diseases caused by stray dogs. The results of the economic analysis show that this investment has full socio-economic justification and that it should be implemented. The Economic Net Present Value (ENPV) is positive and amounts to EUR 789,916. The Economic Internal Rate of Return (EIRR) is 25.94% and the Economic Benefit–Cost Ratio (EB/CR) amounts to 1.90, i.e., greater than 1. The results of the sensitivity analysis also confirm the justification for the realization of this project.

The paper analyses the impact of the economic crisis on the insurance industries of the ex-Yugoslavia region. The analysis encompasses five countries: Slovenia, Croatia, Serbia, Bosnia and Herzegovina, and FYR Macedonia. We examine insurance industry specifics separately for each country for the period 2004-2008 and for the first six months of 2009. While the impact of the crisis varies between countries, the research results indicate that the global financial crisis has had limited overall impact on the regional insurance industry. However the current recession resulted in negative premium growth in Serbia, Croatia and FYR Macedonia while the growth in Slovenia and Bosnia and Herzegovina declined. At the same time investment returns have declined and claims have risen in all countries. The crisis had more pronounced impact on non-life insurance premium growth in less developed insurance markets. In developed markets, namely Slovenia and Croatia, the crisis had greater impact on life insurance premium growth.

The analysis of the banking / financial business impact on economic growth is a topic present in the world economy for centuries. In recent years, this topic has gained on importance in international economic circles. Actuality of the aforementioned impact particularly sparked the global economic crisis. In the focus of this paper is the impact of the level and speed of the financial development, particularly banking, on the economic growth in Serbia. Within the overall financial development, the focus is primarily dedicated to the banking business, which is still highly dominant segment of the financial sector in Serbia. We have conducted an analysis of the most important elements that have marked recent years` banking impact on the economic growth in Serbia. Actual characteristics of the aforementioned impact are also presented. Possible predictions of the banking / financial business movement in the future, as well as its impact on economic growth are presented in the paper. The focus is on determination of the optimal banking business volume for achieving sustainable economic growth in Serbia. The analysis presented in the paper indicate that there is significant potential for moderate and balanced growth of the banking / financial business in the medium term, which could make a significant contribution to the achievement of sustainable economic growth in Serbia, while providing financial stability. However, for the realization of this important and demanding goal, it is necessary to meet a significant number of factors and creation of the adequate conditions at the micro and macro level, essential for achieving the above mentioned aim.

This study systematically reviews the economic and environmental impacts of renewable energy adoption across different global regions, aiming to elucidate the role of renewable energy in achieving sustainable development goals. Employing a methodology based on a systematic literature review and content analysis, the research draws on peer-reviewed articles published between 2018 and 2024, sourced from databases such as Web of Science, Scopus, and Google Scholar. The inclusion criteria targeted studies focusing on the economic benefits, environmental impacts, and the influence of government policies and technological innovations on renewable energy adoption. Exclusion criteria were applied to ensure the relevance and academic rigor of the literature reviewed. Key findings reveal that renewable energy adoption significantly contributes to job creation, energy price stabilization, and market dynamics, while also offering a pathway to substantial reductions in greenhouse gas emissions and pollution. The analysis underscores the critical role of government policies and international agreements in facilitating the transition to renewable energy, alongside the importance of technological innovations in overcoming current barriers to adoption. The study concludes that renewable energy is pivotal for sustainable development, suggesting strategic recommendations for enhancing global adoption. These include implementing supportive policies, fostering technological innovation, and enhancing international cooperation. Identifying gaps in current research, the study highlights the need for further investigation into the long-term socioeconomic impacts of renewable energy and the effectiveness of policy instruments. This research contributes to the discourse on renewable energy's potential to meet global energy demands sustainably and equitably. Keywords: Renewable Energy Adoption, Economic Impact, Environmental Impact, Government Policies.

This study investigates the nexus between electricity consumption, fossil fuel dependency, renewable energy adoption, population growth, trade activities, economic growth, and environmental pollution in India. The primary objective is to understand how these factors interrelate and influence each other, focusing on their implications for sustainable development. The study used data from the World Bank from 2000 to 2023; the methodology adopted includes vector autoregression modeling, Granger causality tests, cointegration analysis, impulse response functions, and variance decomposition. These econometric techniques were selected due to their ability to capture dynamic relationships, determine causality, and identify long-term equilibrium among the variables. The findings reveal that economic growth significantly increases electricity consumption and fossil fuel usage, leading to higher carbon dioxide emissions. On the other hand, renewable energy adoption reduces environmental pollution. The study also highlights the complex interplay between population growth, urbanization, and trade activities in shaping India's energy demand and environmental outcomes. The implications of these findings are critical for India's sustainable development. The results suggest that while economic growth is essential, it must be balanced with sustainable energy practices to mitigate environmental pollution. The findings emphasize the need for policy interventions that promote renewable energy, enhance energy efficiency, and enforce environmental regulations. Recommendations include accelerating renewable energy adoption, implementing stringent energy efficiency standards, and developing integrated policies that simultaneously address the economic, energy, and environmental dimensions. These actions will help India achieve a sustainable balance between economic growth and environmental protection, ensuring a healthier future for its population.

Objective: The objective of this study is to examine the relationship between green finance and sustainable development in Morocco, focusing on its dual impact on economic growth and environmental preservation during the 2016–2022 perio[1]d. Theoretical Framework: The research is grounded in the theoretical frameworks of green growth and sustainable development, emphasizing the synergies between economic prosperity and environmental sustainability. The concepts of renewable energy consumption and green finance as catalysts for economic and ecological balance are central to the study. Method: A quantitative approach was adopted, employing a correlation matrix and the Granger causality test to analyze the interplay between green finance, GDP growth, and CO2 emissions. Data from 2016 to 2022 were used, capturing Morocco’s progress in renewable energy adoption and green finance initiatives. Results and Discussion: The findings highlight a significant positive correlation between renewable energy consumption, green finance, and economic growth, alongsFDI a reduction in CO2 emissions. The results underscore the strategic importance of green finance in fostering sustainable growth while mitigating environmental impacts. The discussion contextualizes these findings within Morocco’s sustainability agenda, emphasizing the potential for green finance to drive ecological and economic transformation in other emerging economies. Research Implications: This study provFDIs practical insights for policymakers and stakeholders, advocating for expanded green finance frameworks and renewable energy integration to support sustainable development. Originality/Value: By addressing the empirical gap in linking green finance with economic and environmental outcomes, this research contributes tothe literature and offers a roadmap for leveraging financial systems to achieve green growth.

Tacit in the debate on sustainable growth and development is the recognition that dialogue, best practice sharing, peer review as well as evidence-based and coherent policies and strategies can effectively address the problem of inequality and exclusion worldwide. Central in the debate on sustainable development is the imperative of advancing equality in opportunities. This requires a careful focus on promoting societies’ and individuals’ worldviews, knowledge and skills conducive to their ability to recognise, seize and multiply opportunities that exist. Education plays the role of a key enabler in this process today. In this context the relevance and utility of advances in information and communication technology (ICT) boost. Their skilful use may enhance the efficiency of teaching and learning process, and, thus, may substantially contribute towards the goals and objectives associated with sustainable inclusive growth and development. This edited volume sought to shed light on this issue by exploring current ICT-driven developments and advances in the practice of teaching and learning worldwide. The rich collection of chapters and the variety of topics they address offer not only a good overview of the value-added ICT-enhanced teaching and learning generate but also, even if implicitly, an insight into the state of affairs in education today. Taking stock of arguments, findings and ideas presented throughout the book, the objective of this chapter is to place these ideas in the broader context of goal of promoting inclusive sustainable growth and development. The argument is structured as follows. First, the relationship between innovation, education and sustainable inclusive growth is outlined. By advancing the argument of the need to conceive education and its role in society in a holistic manner, a case for education as upbringing is made. Against this backdrop, it is argued that the agency of both the learner and the teacher/professor has to be brought back to the analysis if education is to regain its role of the major driver of change and innovation in the society, and indeed the key enabler of sustainable inclusive growth. Conclusions and recommendations for education systems in the post-truth era follow.

The objective of this paper is to attempt to explain the main challenges of supply chain management efficiency in the dairy industry and within the context of general theoretical considerations relating to supply chain management. This paper examines theoretically and empirically the current supply chain practices, integration with customers and suppliers and organizational performance in the dairy companies in North Macedonia. Cost savings, increased revenues and overall organizational performance was examined and various practices of local companies were evidenced. The study also highlights the evolution, determinants and practical implications of supply chain management efficiency in strategic and operational contexts and especially in regards to achieving competitive advantage. A self-administered survey was conducted and data were collected through a random sampling of local dairy companies in North Macedonia. The findings of this study show that the quality, speed, dependability, flexibility and cost associated with economic benefits in the dairy industry can be achieved through technological innovation, effective business processes and high level of information sharing and introducing the SCM practices into more cooperative organizational relationships. Currently, there is a strong need to find better practical solutions that will help decision makers in the dairy industry to plan their supply chain activities more efficiently and effectively by managing the posed challenges and barriers. This will serve as also to make better strategic decisions with end-to- end supply chain optimization mode.

The adoption of renewable energy remains Sub-Saharan Africa’s best option to achieve sustainable growth and mitigate climate change. The essence of this study is to examine the factors that determine the adoption of renewable energy adoption in Africa by employing the System Generalized Methods-Of-Moment (GMM) to analyze data sourced from 1990 to 2019 on some selected African economies. The study examined the tripartite role of the economic, environmental, and socio-political factors on renewable energy adoption in Africa and noted that a positive relationship exists between economic and renewable energy adoption, supporting the validity of the feedback hypothesis. Hence, a policy that supports simultaneous growth of the economy and renewable energy could be adopted. The results further show that environmental factors such as carbon emission and ecological footprint negatively impact renewable energy (RE) adoption in Sub-Saharan African economies. The impact of socio-political factors is, at best mixed; for instance, the result of urbanization is positive and significant, suggesting that urbanization helps in the quick adoption of renewable energy in the studied economies, while the results of corruption show otherwise. To account for single-country dynamics, the study employed the full PMG and noted that the pollution haven hypothesis holds for a number of African economies. The results offer some policy implications.

The aim of this study is to provide a critical overview of labor market performance in North Macedonia. The findings suggest that the differences of labor markets in transition and advanced economies are shrinking over time and labor market flexibility is significantly affecting the unemployment rate. The findings confirm that North Macedonia suffers from a rigid labor market with several structural imbalances: high and persistent structural unemployment, skill shortages, skill mismatches, brain drain, persistent discrimination in the labor market, high informal economy, and inadequate labor taxation. Specifically, low skilled workers, especially, women, youth, older workers, ethnic minorities, and people in less developed regions are among others suffering high rates of unemployment. The findings suggest that high and persistent level of unemployment in Macedonia may arise due to the insufficient level of capital to employ the labor force, the stagnant structural reforms to address macroeconomic imbalances and still unfinished transition characterized by poor economic growth. We recommend to policy makers to implement structural reforms that would address current structural imbalances and increase labor market efficiency and would in turn result in higher potential for economic growth in North Macedonia

Enhancing affordable housing policy through green building principles: An integrated participatory system modelling approach

The main goal of this paper is to identify the challenges of the sustainable demographic development in terms of the changes and current demographic situation in the Western Balkan countries, as well as to detect the importance of comprehensive and consistent population policies. The analysis is based on the relevant indicators for demographic changes identified in the Sustainable Development Strategy of the EU. The comparative analysis is made for the following countries: Albania, Bosnia and Herzegovina, Croatia, Montenegro, Republic of Macedonia and Serbia. The available data from the Eurostat statistics and other relevant data sources for the last decade are used. Also, relevant studies considering the demographic development and adopted population policies are observed. The added value of this research is in the comparison of the demographic indicators and recognizing their importance for the sustainable demographic development of this region as one of the key preconditions for the future sustainable development.
 The results of the analysis show that the demographic changes are big challenge for the sustainable development in all Western Balkan countries. They have implications in many domains and should be in the focus not only of the demographers, but of the researchers and policy makers in different fields of the macroeconomics as well. The lack of data for old-age income adequacy and public finance sustainability imposes the need for comprehensive database in each country as a precondition for continuous monitoring of the demographic changes and for creating appropriate policies regarding the sustainable development. Based on the results of this research, the common areas where the population policies of these countries should be directed are identified.

The relationship between trade openness and economic growth is complex. We employ a structural vector auto-regression (SVAR) model using quarterly data for the period from 2005 to 2022 to estimate the impact of trade openness on the economic growth in North Macedonia. The study's findings indicate a negative and significant relationship between trade openness and economic development in the short and long run. The complexity of this relationship highlights an adverse impact on countries specialising in low-quality production or those with low levels of human capital accumulation, such as North Macedonia. The dynamic effects of shocks to trade openness on interest rates, consumer price index, interest rates, labour force, and exchange rate are investigated using impulse response functions. The paper suggests that North Macedonia's trade strategy requires reorientation towards trade diversification, attracting export-oriented FDIs, and fostering regional trade integration to achieve sustainable economic growth and development.

The analysis of sustainable economic growth and development often focuses on how to control the market process through coercive state intervention. While state interventionism may play a significant role in countries’ progress, entrepreneurship is the driving force behind sustainable growth and development. Entrepreneurship is the people’s judgment on ideas, plans, and projects, which promises profit in uncertain times. Its effects are the creation and transmission of information and social coordination as a dynamic process of identifying and solving human problems. Sustainable development is the widening range of entrepreneurial alternatives open to people, and sustainable growth is a phase of sustainable development that depends on genuine savings to finance increasingly capital-intensive production structures. The degree to which people are entrepreneurs and the direction genuine savings take depend on institutional arrangements. Some institutions are more conducive to sustainable growth and development than others. After reviewing principles of growth and development sustainability, how coercive state intervention influences economic performance is discussed, proposing novel policy conclusions and research avenues to cultivate entrepreneurship and genuine savings in a post-COVID-19 world.