University of Malta. Islands and Small States Institute
The competitiveness of small European countries : a focus on Montenegro
2019
Competitiveness is of particular importance in the countries of the European Union
and in the countries that are on the way to becoming members, especially after the adoption of
the new Lisbon Agenda. Small countries are as a rule highly vulnerable to external shocks, face
limitations in their ability to exploit the benefits of economies of scale and have very limited
diversification possibilities a small population usually means limited human resources for the
development of administrative capacity and for the workforce in general. In addition, due to the
indivisibility of overhead costs, small states, have limited resources for innovation and the
application of advanced technologies. Because of these characteristics, one expects that a small
economy will find it difficult to meet EU competitiveness standards. A small economy on the
path to joining the European Union, such as Montenegro, therefore must develop an effective
administrative setup and an efficient regulatory framework in order to foster entrepreneurship
and innovation to meet the mentioned competitiveness challenges.peer-reviewe
University of Malta. Islands and Small States Institute
The competitiveness of small European countries : a focus on Montenegro
Competitiveness is of particular importance in the countries of the European Union
and in the countries that are on the way to becoming members, especially after the adoption of
the new Lisbon Agenda. Small countries are as a rule highly vulnerable to external shocks, face
limitations in their ability to exploit the benefits of economies of scale and have very limited
diversification possibilities a small population usually means limited human resources for the
development of administrative capacity...
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2019
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