QUANTITY AND QUALITY OF GROWTH IN THE NEW ECONOMIC REALITY

Abstract

<p>The succession of crises that have shaken the world in recent years - from the global pandemic and extreme weather conditions to armed conflicts and mass migrations - testifies that there is no going back to pre-pandemic conditions and "business as usual." A new economic reality has been created that shapes consumption and business outcomes. Economic growth is once again in focus, both in terms of the quantity (pace) of growth and its quality, which gains special significance under changed circumstances. The key question today is not whether the world still needs economic growth, but how that growth is achieved and whether it is aligned with national and global priorities. The paper examines the trends of economic growth worldwide and explores its quality based on the new framework of the World Economic Forum, which is founded on four pillars (Innovativiness, Inclusiveness, Sustainability, and Resilience) and adapted to the new global context. The aim of the paper is to valorize contemporary economic growth, taking into account both its quantitative and qualitative aspects. The fundamental hypothesis is that the pace and quality of growth vary depending on the country's level of economic development, but are not strictly determined by it. The analysis reveals the performance of the world and selected European countries from the CEE, as well as Western Balkans, in terms of the pace and, especially, the quality of growth. This provides a basis for a critical reassessment and reshaping of existing growth models and policies for the new economic era.</p>