A B S T R A C T Insufficient export activity and low level of investment in the formation of gross domestic product are a negative feature of the Serbian economy over a longer period of time. The global financial and economic crisis has shown that a sustainable model of economic growth, which was basically based on the growth of domestic consumption and imports and a low share of investments in the structure of the use of GDP, is an unsustainable until then. It has become clear that such a model must be replaced by a pro-investment and export-oriented model of economic growth. Bearing in mind the trends in macroeconomic flows in the Serbian economy, it is clear that the increase in investment and the competitiveness of domestic production imposes itself as one of the most important tasks of economic policy in the future. In this sense, the main goal of this.

Summary The globalization of economic activity imposes the need for all countries to participate intensely in the current international economic cooperation and exchange processes of goods, services, labor and capital. Greater integration into international economic and trade flows is particularly important for small countries, given that the limitation of resources and insufficient domestic production impose the need for greater imports. On the other hand, import imposes a greater need for more exports so that the growing imports could be financed. Adjusting the challenges of globalization is an important task for all countries in order to accomplish basic economic goal, and that is the growth of living standards of all citizens. In this sense, in this paper