Comparative analysis of business sophistication of Serbia and its neighboring countries

Innovation of an economy refers to the ability of a national economy to create and use knowledge in the production of new products, services and processes. In the economy of knowledge, innovation represents a key determinant of the competition of a country at the world market. Metrics Global Innovation Index is valuable for countries such as Serbia because it is a good indicator of its speed and direction of movement in relation to the proclaimed goals of economic development policy. This paper analyzes the business sophistication, as one of the five determinants of innovativeness of countries measured by the methodology of the Global Innovation Index, Serbia and neighboring countries.