o:32908 REQUIRED LEVEL OF INVESTMENT FOR FAST ECONOMIC GROWTH: STYLIZED FACTS AND POLICIES Neophodan nivo investicija za ubrzani privredni rast – stilizovane činjenice i politike en Abstract: To close the gap in economic development relative to the EU average, Serbian economy has to achieve significantly higher growth rates in comparison to other European countries over the longer period. Theoretical and empirical literature indicates that the level of investment in physical capital is one of the key determinants of the dynamics of economic growth. In this paper, based on data on investments and savings in Serbia and in 37 countries that in the previous three decades achieved an average GDP growth rate of over 5% per year (so-called fast-growing economies – FGE), we present and analyze relevant stylized facts. In the observed period, FGE had average total investments of 25.6% of GDP, of which 69% was private and 31% public investments, whereby private investments were predominantly domestic, which is associated with a high rate of gross domestic savings (of 27.4% of GDP). On the other hand, total investments in Serbia were 9.7% of GDP lower than the FGE average, which was a consequence of significantly lower public and domestic private investments, which was, among other things, a consequence of significantly lower domestic savings (by over 20% of GDP). As in the recent period there has been a noticeable increase in public investments in Serbia, in order to accelerate economic growth, it is necessary, in addition to maintaining them at a high level, to encourage a considerable increase in domestic private investments through economic measures policy and wider reforms of the general institutional environment, with the aim of having the total level of investments of over 25% of GDP over the next few decades. Sažetak: Da bi se smanjio jaz u ekonomskom razvoju u odnosu na prosek EU, neophodno je da privreda Srbije ostvaruje znatno vece stope rasta u odnosu na druge evropske zemlje u dužem periodu. Teorijska i empirijska literatura ukazuje da je nivo ulaganja u fizički kapital jedna od ključnih determinanti dinamike privrednog rasta. U ovom radu, na osnovu podataka o investicijama i štednji u Srbiji i u 37 zemalja koje su u prethodne tri decenije ostvarile prosečnu stopu rasta BDP-a od preko 5% godišnje (tzv. brzorastuce ekonomije), predstavljene su i analizirane relevantne stilizovane činjenice. U posmatranom periodu brzorastuce ekonomije su u proseku imale ukupne investicije od 25,6% BDP-a, od čega su 69% bile privatne, a 31% javne investicije, pri čemu su privatne investicije bile pretežno domace, što je povezano sa visokom stopom bruto domace štednje (od 27,4% BDP). S druge strane, ukupne investicije u Srbiji bile su za 9,7% BDP niže od proseka ovih zemalja, što je posledica znatno nižih javnih i domacih privatnih investicija, usled, između ostalog, znatno manje domace štednje (za preko 20% BDP-a). Kako je u poslednjem periodu primetan porast javnih investicija u Srbiji, u cilju ubrzanja privrednog rasta potrebno je, pored njihovog održavanja na visokom nivou, podsticati znatno povecanje domacih privatnih investicija, kroz mere ekonomske politike i šire reforme opšteg institucionalnog ambijenta, sa ciljem da u periodu od narednih nekoliko decenija ukupan nivo investicija bude preko 25% BDP-a. Keywords: investments, savings, economic growth, economic policy Ključne reči: investicije, štednja, privredni rast, ekonomska politik 1552099 10.5937/EKOPRE2402053R 1552101 0353-443X 2024-02-29T13:35:48.643Z 44 no 46 Saša Ranđelović Univerzitet u Beogradu Ekonomski fakultet 0000-0001-8445-9756 Aleksandra Đorđević Univerzitet u Beogradu Ekonomski fakultet person 0000-0001-5407-525X application/pdf 759704 https://phaidrabg.bg.ac.rs/o:32908 no yes 18 70 92000001 11A03 Ekonomika preduzeća 72 1-2 53 67 2024