Improving the competitiveness of the Serbian economy through education reforms

Abstract

By using the causal analyses to examine correlation between the competitiveness level of the country and reforms in the field of education, this research aims to foresee possible educational reforms that would lead to greater competitiveness of the economy of the Republic of Serbia. The analysis presents how the competitiveness of a country can be measured, examines whether education is one of the indicators of competitiveness, evaluates competitiveness of the Serbian economy and reviews current state in all the relevant indicators in the field of education and all relevant reforms. This research uses the mix methodological approach and existing data from Global Competitiveness Index and one of its pillars dealing with human capital - Pillar 6 in order to foresee the educational reforms needed for Serbian economy to be more competitive. Results show that the quality of the human capital is one of the basic factors of competitiveness and that only quality education can lead to the rapid development of the Serbian economy and enhancement of its competitiveness. Research concludes that there is a great necessity in the Republic of Serbia for further reforms and investments in the education, especially in education of teaching staff and an innovative teaching programmes and curriculum for the most dynamic economy sectors, like ICT, trade, transport, tourism and financial services.