Suchergebnisse

This paper analyses the intensity of the influence of foreign direct investments, exports of goods and services, and research and development expenditure on GDP growth of developed and developing countries. Panel regression analysis determined that the exports of goods and services make the largest contribution to growth on middle levels of income. In fact, the contribution the export of goods and services makes to growth on middle levels of income is two times larger than in countries with a high GDP. The most essential impact on countries with a high GDP level was made by research and development expenditure, which is 3.5 times larger than its impact on the developing Balkan countries. The phenomenon of the Middle-Income Trap can be explained by insufficient research and development expenditure. Foreign direct investments are not statistically significant for the GDP growth of observed countries, but they achieve far better results on low development levels. The empirical data, presented in figures, confirms the conclusions of the econometric analysis.

Abstract
The balance of payments deficit is the problem faced by numerous countries. To solve the problem of the balance of payment deficit, the creators of economic policy try to stimulate the sectors that secure the largest inflow of foreign currencies and have a beneficial impact on the reduction of deficit. The international trade in informational, computer and telecommunication services records enormously high growth rates in the 21st century. The specificity of ICT sector opens a perspective even to less developed economies to take part more significantly in the exports, which hold a large percentage of a value-added. The goal of this paper is to determine the significance of ICT services for the balance of trade and the current account adjustment, as well as the contribution to generating the surplus of the total balance of services. In the case of the Republic of Serbia, the surplus of ICT sector covers almost one-fifth of the balance of trade deficit, almost one-third of the current account deficit, while every fourth dollar achieved by the services' exports is achieved by the exports of ICT services. If the same trend of ICT sector's growth continues, the predictions say that the surplus of this sector will be enlarged by almost 60% till the year of 2024, when compared to the level in 2020. Finally, potentially the most significant advantage, which ICT sector brings with itself, is the reduced brain drain, which is the most destructive consequence brought to the less developed countries by the liberalization of workforce's movement.