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Banja Luka College , Banja Luka , Bosnia and Herzegovina
Nezavisni Univerzitet Banja Luka , Banja Luka , Bosnia and Herzegovina
Nezavisni Univerzitet Banja Luka , Banja Luka , Bosnia and Herzegovina
In order to determine the competitiveness in the global market, for the purposes of this paper, secondary collected data of basic structural indicators of business of companies and entrepreneurs from the Republic of Srpska for the period from 2017 to 2019 were used. They were processed by descriptive statistics, and in order to determine the relationship between dependent and independent variables, a correlation was used in order to determine significance, but also a regression model. Pearson's correlation coefficient between the variables: turnover and VAT is statistically significant, while the correlation between the variables: turnover and the total number of enterprises, turnover and the total number of employees, turnover and staff costs, as well as staff income and costs, did not show statistical significance. In order to achieve long-term sustainable economic growth, the Republic of Srpska needs to have macroeconomic stability, as well as stabilization of economic growth, reduction of future risks, especially under the influence of the current COVID-19 pandemic.
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