Innovation as a determinant of economic growth: An empirical study of Serbia

Abstract

The aim of this paper to analyze the potential influence and correlation between innovation parameters and economic growth in Serbia from 2012 to 2021. This study aims to analyzing the potential influence and correlation between innovation parameters and economic growth in Serbia from 2012 to 2021. By using multiple linear regressions (MLR), it is determined to which extent the number of patents per million inhabitants and the percentage of internet use affect GDP per capita. The MLR results reveal a statistically significant positive predictive correlation between the percentage of internet use and the value of GDP per capita. On the other hand, the number of patents per million inhabitants has a minimal impact on the analyzed parameter of economic growth in Serbia during the studied period. Considering the positive impact of the percentage of internet use and the number of patents per million inhabitants on Serbia's economy, the research findings suggest that attention should be given to policy strategies that promote innovation in order to promote economic growth.