Biljana Jovanović Gavrilović, Biljana Radivojević
Faculty of Economics, University of Belgrade, Serbia

​ ​​ ​​

4th International Conference – ERAZ 2018 – KNOWLEDGE BASED SUSTAINABLE ECONOMIC DEVELOPMENT, Sofia- Bulgaria, June 7, 2018, CONFERENCE PROCEEDINGS published by: Association of Economists and Managers of the Balkans, Belgrade, Serbia;  Faculty of Business Studies, Mediterranean University – Podgorica, Montenegro; University of National and World Economy – Sofia, Bulgaria; Faculty of Commercial and Business Studies – Celje, Slovenia; Faculty of Applied Management, Economics and Finance – Belgrade, Serbia, ISBN 978-86-80194-12-7


Considering a relatively low level of economic development of Serbia, compared to elsewhere in Europe, a dynamic and sustainable economic growth is imperative to this country. The concept of sustainable development has nowadays been accepted as a universal development paradigm applicable to the countries worldwide. This is a new approach to development, which assumes increased production based on solid economic grounds, environmental responsibility and meeting the criteria of social justice. Investing in human capital, especially education and training, is an important factor of sustainable economic development of Serbia at the onset of the fourth industrial revolution. Although educational outcomes in today’s Serbia are generally discouraging, there are hidden potentials which need to be activated in the years to come. Changes in Serbian education system are necessary and they should comply with current global trends and particularly match the requirements of the fourth industrial revolution, which will have a significant impact on jobs and future skills needs. A system is needed which will help young people develop ‘liquid skills’ and enable them to adapt to future challenges which cannot be anticipated. The trump card of Serbia’s development should not be cheap labor but knowledge and innovation as the key resources of the modern world.

Key words

Education, sustainable development, fourth industrial revolution, Serbia, EU


  1. World Bank, Database, Table: GDP per capita (current US$), [Online] at, accessed January 26th, 2018.
  2. Weresa, M. A. (ed.) (2015) Poland: Competitiveness Report 2015 – Innovation and Poland’s performance in 2007-2014, Warsaw: Warshaw School of Economics Press, p. 19.
  3. UNDES (2014), Prototype Global Sustainable Development Report, UNDES, New York 2014, p. 1.
  4. Jovanović Gavrilović, B. (2013), Privredni razvoj sa ljudskim likom (Economic Development with Human Face), Ekonomski fakultet, Beograd, p. 65.
  5. Jovanović Gavrilović, B. and Radivojević, B. (2017), Education of Population for the Future and the Future of Education, Stanovništvo, 55(1), p. 68.
  6. Vlada Republike Srbije (2008), Nacionalna strategija održivog razvoja Republike Srbije (National Strategy for Sustainable Development of the Republic of Serbia), Vlada Republike Srbije, Beograd.
  7. Vlada Republike Srbije (2010), Srbija 2020 (Serbia 2020), Vlada Republike Srbije, Beograd, p. 10.
  8. Vlada Republike Srbije (2012), Strategija razvoja obrazovanja u Srbiji do 2020. godine (Strategy for the Development of Education in Serbia until 2020), Vlada Republike Srbije, Beograd, p. 5. 
  9. UN (2015), Transforming Our World: the Agenda for Sustainable Development, United Nations, Geneva,   [Online] at accessed April      19th, 2018, p. 14.
  10. Schwab, K., Fourth Industrial Revolution, Geneva: World Economic Forum, 2016.
  11. OECD (2017), PISA 2015 Assessment and Analytical Framework: Science, Reading, Mathematic, Financial Literacy and Collaborative Problem Solving, OECD Publishing, Paris, [Online] at, accessed April 26th, 2018, p. 12.
  12. OECD (2014), PISA 2012 Results in Focus: What 15-year-olds know and what they can do with what they know, OECD Publishing, Paris, [Online] at, accessed April 28th, 2018.
  13. World Economic Forum (2017), The Global Human Capital Report – Preparing people for the Future of Work, World Economic Forum, Geneva, [Online] at, accessed May 14th, 2018.
  14. Bothwell, E. (2016), TACTICS: the new smart set of rising HE power, The Times Higher Education and University College London – Centre for Global Higher Education, London, [Online] at, accessed May 24th, 2018.