Fiscal policy and economic growts-prospects and opportunities

Abstract

The world today and the contemporary economic system are characterized by two prospective trends - globalization and regional integration. For the past few years, we have also experienced a long-lasting economic crisis, which is spread all over the world. Taking into consideration the slow rate of economic growth, the necessity of active participation of the government in the economy and the use of fiscal policy for economic regulation is even more tangible. In this respect, a topical issue is to what extent the use of public spending and taxes will be successful in achieving sustainable economic development and economic growth and in building a competitive economy.[...]