Group-project.docx

Although this solution did not work for australia

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focusing on economic growth may improve the unemployment rate, as it may create more jobs. Although this solution did not work for Australia, this is due to the already wealthy status of Australia, and only served to make it a more appealing place for migration. In terms of the ideal solution to both issues, the solution proposed by the Vojvodina government appears to be the optimal option. This option is the implementation of business incubators, such as the one in Subotica. This solution is also supported by Muske and Woods in their article “Micro Businesses as an Economic Development Tool: What they bring and what they need”. Muske and Woods found that in their case study of Oklahoma, small businesses and start-ups contributed $6 million in profits to the community, employed much of the community, and over half made 82% of sales outside the community, thereby increasing the wealth within their community [Mus04]. Therefore small-medium businesses and start-ups have a positive impact
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on the economy and unemployment rate of the community within which they operate. Since beginning operation, the Subotica business incubator has enabled ten start-ups to graduate (become successful businesses), sixteen start-ups are still active members, and only two have failed [His16]. These start-ups will have a comparable impact on Subotica that the small businesses had on Oklahoma. Therefore, it is evident that the Subotica business incubator will have a positive impact on the economic and unemployment issues faced by Vojvodina, and therefore is the optimal solution. Results After the establishment of the Subotica Business Incubator in 2006, the national GDP for Serbia increased from 2006-2017, as shown in Figure 1 and Figure 2. Please note this table does not account for fluctuations in the exchange rate between Serbian Denars and US dollars. YEAR GDP (MILLION $ USD) 2006 30662.9 2007 40331.0 2008 49223.7 2009 42684.6 2010 39370.4 2011 46463.7 2012 40675.9 2013 45512.1 2014 44134.1 2015 37145.7 2016 38295.6 2017 41531.9 Figure 1: GDP of Serbia from 2006- 2017. [Sta17]
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0 10000 20000 30000 40000 50000 60000 GDP Per Year Year GDP (Million $ USD) Figure 2: GDP Per Year, 2006-2014.[Sta17].
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