ECONOMIC DEVELOPMENT STRATEGY OF FUNDING COUNTRIES IN TRANSITION WITH ACCENT TO BOSNIA AND HERZEGOVINA

Abstract

Economic development is a very complex process. This is the reason and explanation for a number of definitions, and attempts of determining and describing. Economic development is a process of national economy with low incomes are transformed into a modern industrial economy with a middle, upper middle and high income. Also, economic development is the development of resources of countries or regions, or urban or rural areas for the benefit of their inhabitants, and a sustainable increase in living standards, which suggests an increase in per capita income, better education and health, and better environmental protection.

Economic development can be characterized as a complex multidimensional concept that includes improvements to the welfare of the people in any definition of the word, and can be defined as a fast and stable economic growth, the increase of wealth, full employment, controlled inflation. To make it come to economic growth and development, it is essential that there are resources to finance development.