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