Opportunities and constraints in regional development of Republic of Serbia and Bosnia and Herzegovina on the path to European Union membership

Abstract

One of the most crucial aspects of the economic development of European Union (EU) candidate countries is regional development. The importance and necessity of regional development and country regionalization in the process of European integration has frequently been emphasized by the European Union. Regionalization of Republic of Serbia and Bosnia and Herzegovina will facilitate economic growth across all areas, lessen regional disparities and improve the effectiveness of the decentralization process. The completion of this challenging and crucial work will move the nations closer to becoming EU members. The article describes Republic of Serbia's and Bosnia and Herzegovina's journey toward European integration from its inception to the present, the EU's position on the Western Balkans, and the potential and constraints they bring for regional growth. The aim of the article is to demonstrate the significance of regional development in Republic of Serbia and Bosnia and Herzegovina, as well as the necessity of regional development for achieving full EU membership.