Published in:Gobbo.B. and Giolai, A. (1998) The transformation Process in Serbia: Critical Factors and Development Opportunities, FIINEST, Beobanka Ed., Udine
Abstract:The process of industrialization has been the focus of special attention in many developing countries. But misguided attempts at promoting industrialization without paying attention to compared advantages or to various stages of development of every economic system has often brought on a highly inefficient use of the available resources.
The experience of WB however has come to establish the factors associated with successful performance in industries that present a high rate of added value are, from a macroeconomic point of view, the devaluation of the exchange rates, the improvement of the conditions of exchange in export and the major weight of the investment quota in the GNP.
Examining however the characteristics of the adjustment programs which were conducted with success, the factors which mostly determine success seem to be two. First, it seems that the countries must reach a macroeconomic stability before, or immediately after, having undertaken commercial reforms and microeconomic policies; second, the adjustment programs must concentrate on the dis-tortions already present in the industrial sector, as well as include reform mea-sures which favor an immediate response to the shock offers that strike it.
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