Research of the dynamics of the economic performance of the Serbian economy based on LMAW-DNMA methods

Abstract

The issue of analyzing the factors of the dynamics of the economic performance of every economy, which means Serbia as well, is continuously very current, challenging, significant, and complex. Adequate control of key factors can significantly influence the achievement of the target economic performance of the economy. The application
of multi-criteria decision-making methods enables adequate control of the key factors of economic performance of the economy. Bearing that in mind, this paper analyzes the dynamics of the economic performance of the Serbian economy in the period 2013 - 2022 based on the LMAW-DNMA method. The top five years according to the economic performance of the Serbian economy according to the LMAW-DNMA method are in order: 2021, 2019, 2018, 2013, and 2022. The worst economic performance of the Serbian economy was achieved in 2014. Recently, the economic performance of the Serbian economy has improved significantly. Adequate management of the analyzed statistical variables (gross domestic product, inflation, agriculture, industry, export, import, capital, income, and taxes) influenced this. Likewise, the geopolitical and economic climate, foreign direct investments, the COVID-19 pandemic, the energy crisis, the digitalization of the entire company's operations, and other factors. Their adequate control can greatly influence the achievement of the target performance of the Serbian economy.