Author(s):
1. Vladislav Marjanović, Prirodno-matematički fakultet Banja Luka, Serbia
2. Snezana Radukic, Bahamas
3. Jelena Stankovic, Ekonomski fakultet Univerziteta u Nišu, Serbia
4. Igor Mladenović, Ekonomski fakultet Univerziteta u Nišu, Serbia

Abstract:
The economic recession that has now affected the economy of most countries and developed ones, while other countries report adverse effects in the form of a significant economic slowdown, has imposed the issues to its overcome, to economic policymakers as well as macroeconomists. The European economy has experienced its deepest recession since the 1930, with a nadir that occurred 2009. The biggest drop in GDP in 2009 recorded by the countries of Southeast Europe and the CIS and a little less the developed countries. Europe also recorded a sharp decline in gross domestic product in 2009 (-4.6%) and point out that this decline contributed to the decline in most European emerging economies (-6%). Regarding the movement of GDP in 2009 in the observed countries in the region, Slovenia had the lowest rate (-8%), followed by Croatia (-6.9%) and Serbia (-3.5%). Looking at the countries studied and the time period after the 2009, it seems that Serbia had the best performances (when it comes to growth) and the fastest recovery. The authors will try that on the basis of comparative analysis provide substantiated explanation of this situation and prospects of economic recovery of the region. Economic policy measures, which should contribute to ending the negative economic trends and reverse them, primarily were aimed at stimulating aggregate demand. Since the Great global crisis since in the 30’s of the twentieth century, the economy did not experience such a drastic decline. Although the current economic trends by severity of the fall resemble those in the 30’s of the twentieth century, the causes are different to them, but then there are the other types of similarities that are increasingly emerging. The economic crisis is an integral part of the macroeconomic environment in Serbia at the beginning of the second decade of the twenty-first century. In order to find an adequate response to the current economic crisis it is necessary to examine the transmission mechanisms by which it is transmitted to the real sector of the economy and what were its effects on the economy of Serbia. Besides the effect on the economy of Serbia, should consider the impact of the economic crisis on other neighboring countries, such as Slovenia and Croatia. It examines the consequences of the financial crisis to each country’s by major economic sectors, such as: agriculture, manufacturing and trade. The aim of this approach is that to look at the most vulnerable sectors of the economy in different countries and to consider the experience of economic policy in Serbia and neighboring countries.

Key words:
economic crisis, economic sectors, Serbia, Slovenia, Croatia

Date of abstract submission:
21.11.2013.

Conference:
REDETE 2014 - Researching Economic Development and Entrepreneurship in Transition Economies