The Role of Macroeconomic Policy in the Economic Development of European Countries in Transition

With a special focus on the Republic of Serbia, this article will examine the macroeconomic performance of the external macroeconomic sector and its impact on the economic progress of developing countries. Our aim is to prove that economic development and the growth of the external macroeconomic sector are correlated. We will do so by analysing how macroeconomic parameters are conditioned. By analysing the macroeconomic and primarily dynamic indicators of countries in transition, including Serbia, it is possible to determine the situation and changes as well as potential causes of economic development. A macroeconomic analysis of developing countries can also determine the characteristics of economic development and mutual relations between macroeconomic indicators.