Apstrakt: Investicije predstavljaju jednu od najznačajnijih direktnih determinanti privrednog rasta. Ukupne investicije u Srbiji u prethodnih pet godina iznosile su u proseku 16,8% BDP-a i kao takve su bile za oko četvrtinu (5% BDP-a) niže u odnosu na prosek zemalja Centralne i Istočne Evrope (CIE) i Zapadnog Balkana. Posmatrano po izvorima, uočava se da su u Srbiji vrlo niske domaće investicije – i javne i privatne, dok su strane direktne investicije relativno visoke. Uzroci niskih domaćih privatnih investicija se ne nalaze u domenu troškova angažovanja kapitala, već u niskoj domaćoj štednji i nepovoljnim opštim uslovima poslovanja. Javne investicije su niske budući da se u kreiranju fiskalne politike prednost daje tekućim izdacima (na plate i penzije), ali i zbog neefikasnosti države. Strane direktne investicije u Srbiji su visoke zbog jeftine radne snage, široke mreže slobodne trgovine, niskih poreza, visokih subvencija, ali i ad hoc zaštite stranih investitora od neefikasnog pravnog i administrativnog sistema. Niske ukupne investicije negativno utiču na produktivnost rada, zaposlenost i buduće realne zarade, što podstiče emigracione trendove. Za rast ukupnih investicija u Srbiji, potrebno je znatno povećati javne (produktivne) investicije, te načiniti strukturne promene u ekonomskoj politici, tako da se stvore sistemski podsticaji za štednju i investicije. Abstract: Investments in fixed capital are one of the main drivers of economic growth. Total (average) investments in Serbia in the last five years stood at 16.8% of GDP, thus being by one quarter (5% of GDP) lower than the Central and Eastern Europe (CEE) and Western Bal- kans average. This is due to low domestic – public and private investments, while foreign direct investments in Serbia were high. Domes- tic private investments in Serbia are low due to low domestic savings and poor doing busi- ness conditions, rather than due to user cost of capital. Public investments in Serbia because non-productive spending (public wages and pensions) are preferred by policy makers, as well due to inefficiency of the government. Foreign direct investments in Serbia are buoy- ant, due to cheap labour force, wide free trade network, low taxes and high subsidies, but also due to ad hoc protection from inefficient legal and bureaucratic system, offered to foreign investors. Low total investments trigger low productivity of work, thus affecting employ- ment and future real wages, which encourages emigration trends. To boost total investments in Serbia, it is necessary to lift public (produc- tive) investments and to introduce structural changes in economic policy, thus creating in- centives for savings and investments. All rights reserved Еkonomska politika Srbije u 2019. godini str. 43-60 https://phaidrabg.bg.ac.rs/o:28827 ISBN: 978-86-403-1588-3 Uzroci i posledice niskih investicija u Srbiji Arsić, Milojko Ranđelović, Saša Nojković, Aleksandra info:eu-repo/semantics/conferenceProceedings KLJUČNE REČI: INVESTICIJE, ŠTEDNJA, PRIVREDNI RAST, EKONOMSKA POLITIKA KEY WORDS: INVESTMENTS, SAVINGS, ECONOMIC GROWTH, ECONOMIC POLICY application/pdf 756189 bytes srp 2019