IMPORTANCE OF INSTITUTIONS & STRATEGY OF ECONOMIC DEVELOPMENT OF BOSNIA AND HERZEGOVINA

Abstract

Economic development is of a great significance
for any society, particularly for a society such as
Bosnia and Herzegovina - the one that is still in the
development process. At the development stage,
various institutions with their incentive mechanism
for development have an important role, because
only effective institutions may encourage development.
The study results presented in the paper represent
the accomplishment of the primary objective
of the research: to affirm the institutional incentive
mechanisms for economic development of Bosnia
and Herzegovina. The paper elaborated the most
important determinants of economic development,
of institution integration with economic development
and of economic development strategy of
Bosnia and Herzegovina. Particular attention was
paid to the strategy of economic development of
BH, as well as to the results and forecasting of implementation
of economic development. The paper
addressed several thematic units on economic development
and interconnection of institutions with
economic development. A representative example
alongside with the results of the economic development
strategy of BH have been provided. Finally,
the expectations of implementing the economic
growth strategy in BH have been presented.