ICT Sector in Vojvodina (Serbia) as a Potential for Mitigation of Crisis Effects

Abstract

Considering the economic situation in Europe, ICT sector is directly responsible for 5% of European GDP, with a market value of 660 billion Euros a year. The indirect effects of ICT sector are particularly reflected in the overall productivity growth (20% directly from the ICT sector and 30% of investments in ICT) and have a great social impact (more than 250 million Internet users per day). The future economy will be a networked knowledge-based economy with the Internet at its centre. ICT sector in Serbia has shown rapid growth and great potential in recent years. In addition, it is also a key growth factor of other sectors, making ICT sector one of prime targets in the Strategy for Encouraging and Developing Foreign Investment. In Vojvodina (Serbian northern province), there is a conducive environment for research and development as well as for business incubators. Universities in Novi Sad, Serbia, with acc 40,000 students, offer a solid base of knowledge and skills, while research and development activities at universities allow the establishment of new enterprises. The aim of this paper is to present the situation and perspective development of ICT sector in Vojvodina and Serbia, as well as to indicate its future potential for mitigating the effects of the crisis in the economic and social terms.