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Innovative and Economics Reserch Journal INNOVATIVE AND ECONOMICS RESERCH JOURNAL PUBLISHED BY: “OIKOS INSTITUT” d.o.o. Bijeljina FOR THE PUBLISHER: Prof. dr Zoran Mastilo, Director EDITOR IN CHIEF: Prof. dr Petar Đukić - Serbia ASISTANT EDITORS IN CHIEF: prof. dr Andrzej Niemiec - Poland prof. dr Taro Abe - Japan EDITOR: Dejan Mastilo Vesna Miletić EDITORIAL BOARD: BIH: Šefkija dr Berberović, emeritus; Kadrija dr Hodžic; Branko dr Krsmanović; Aleksandra dr Stojanović; Marko dr Šarčević; Goran dr Popović; Hamid dr Alibašić; Nikola dr Gluhović; Cviko dr Jekić; Zoran dr Mastilo; Radmila dr Čičković; Armina dr Hubana; Srdjan dr Lalić; Nenad dr Lalić, Drago dr Vuković; Milenko dr Krajišnik; Rajko dr Radović; Mladen dr Rebić; Slobodan dr Subotić; Muharem dr Karamujić; Jamila dr Jaganjac INTERNATIONAL BOARD: Russia: Oleg dr Roy, Ludmila N. dr Ivanova; Liliya dr Kiyanova; Perpelkin dr Viacheslav; USA: Tom dr Gillpatrick; Leland dr Buddress; Roofa dr Galeshi; Spain: Elena dr De la Poza; Maisam dr Ranjbari; Italy: Ubaldo dr Comite; Sweden: Christer dr Thörnqvist; India: Manjih dr Das; Rudrarup dr Gupta; Ro- mania: Alexandru dr Nedelea; Rocsana dr B. Manea Tonis; Tajland: Napat dr Harnpornchai; Albania: Elez dr Osmanović; Brilanda dr Bushati; Fatbardha dr Molla Bequiri; Elidiana dr Bashi; Slovakia: Ivan dr Brezina; Croatia: Dragoljub dr Stojanov; Lorena dr Škuflić; Zoran dr Wittine; Montenegro: Boban dr Melović; Milivoje dr Radović; Rade dr Ratković; Ivo dr Županović; Anđelko Lojpur; Serbia: Marko dr Sekulović; Gojko dr Rikalović; Nenad dr Vunjak; Petar dr Vrbović; Gordana dr Kokeza; Božidar dr Stavrić; Ana dr Stranjančević; Iva dr Bulatović; Snežana dr Milićević; Drago dr Cvijanović; Slovenia: Andrej dr Raspor; Marjana dr Merkač; Saudi Arabia: Bashar Y. dr Almansour; Indonesia: Teguh dr (CAND) Sugiarto; Moldavia: Corina dr Gribicea; Turkey: Huseyin dr Isiksal; Scotland: Kieran dr James; Brasil: Arcione Ferreire dr Viagi; Rumunija: Alexandru dr Nedelea; Fiji: Ranasinghe dr Amaradasa; Macedonia: Predrag dr Trpeski; Iran: Gholamreza dr Jandaghi; Japan: Taro dr Abe; Ukraina: Olha dr Komelina; Tetiana dr Paientko; Belorussia: Oksana dr Koshulko; Sri Lanka: Ahamed dr Labbe; Mohamed dr Aslam.; Algeria: Kherchi Ishak; Poland: prof. dr Andrzej Niemiec; Oman: Mythili dr Kolluru; Greece: Konstan- tinos dr N. Malagas; Egypt: Azza dr Mohamed Kamal; TECHNICAL EDITOR AND GRAPHIC DESIGN: Borjan Divljanović, Graphic studio PIXEL - 76 300 Bijeljina, BiH TRANSLATION TO ENGLISH: Nemanja Jovanović PAPERS PUBLISHED IN “ECONOMICS“ JOURNAL ARE ABSTRACTED AND INDEXED BY: EBSCO: EBSCO Discovery Service; De Gruyter open; DOAJ; DOI Srpska; Baidu Scholar; Celdes; CNKI Scholar; SIS - Scientific Indexing Services; CNPIEC; ERIH PLUS; Google Scholar; J-Gate; Journal TOCs; Naviga; Primo Central (ExLibris); ReadCube; Research Papers in Economics; (RePEc); MIAR; ADRESS OF THE EDITORIAL BOARD: Neznanih junaka 9-11 76300 Bijeljina Republic of Srpska Bosnia and Herzegovina e-mail: [email protected] Web site: www.oikosinstitut.org/economics.html www.economicsrs.com https://content.sciendo.com/view/journals/eoik/eoik-overview.xml Bank account: 5550000004916269, Nova banka, Filijala Bijeljina ID: 44035724600004 Issued semianually: SUBSCRIPTION PER ISSUE: For entities 250 KM (12 pcs.) Individuals 30 KM (1 pcs.) PRINTED BY: Mojic, d.o.o Bijeljina Number of copies: 300 primjeraka KATALOGIZATION: Printed issue: ISSN 2303-5005 Online issue: E-ISSN 2303-5013 Desicion of the Ministry of Education and Culture of the Republic of Srpska No.: 07.061-053-52-12/13, od 10.12.2013, The Journal “Economics“ entered in the Register of Public Media as item No. 645 CONTENT THE WORLD IN TURMOIL: SURPLUS OF MONOLOGUE – DEFICIT OF UNDERSTANDING Prof............................................................................................................................... dr Petar Đukić .......... 5 OIL PRICES, DOMESTIC RESOURCE GAPS, AND BREAKEVEN OIL PRICES IN THE OIL-EXPORTING COUNTRIES Abdullah............................................................................................................................... Saeed S Alqahtani*, Hongbing Ouyang, Adam Ali, Shayem Saleh .......... 9 EDUCATION AND ECONOMIC GROWTH OF THE WESTERN BALKANS COUNTRIES Ognjen............................................................................................................................... Erić ........ 27 CHALLENGES IN CREATING TRANSFORMATIVE GROWTH FOR COMPANIES IN DIGITAL ECONOMY Branislav Mašić, Ljubiša Vladušić, Sandra Nešić ....................................................................................................................................... 37 INVESTMENT MANAGEMENT STRATEGY IN FINANCIAL MARKETS Nenad............................................................................................................................... Vunjak, Jelena Vitomir, Tamara Antonijević, Petra Stojanović ........ 49 WHICH SECTORS DRIVE EGYPT’S GROWTH AND EMPLOYMENT? Azza............................................................................................................................... Mohmed Kamal ........ 57 VIOLENCE AGAINST FEMALE CITIZENS AND FEMALE IMMIGRANTS IN SOME COUNTRIES WORLDWIDE: CHALLENGES AND SOLUTIONS Oksana............................................................................................................................... Koshulko ........ 71 INNOVATIVE POLICY REFORMS FOR SUSTAINABLE DEVELOPMENT: EMPIRICAL EVIDENCE FROM PICS Dr............................................................................................................................... Ranasinghe M.W. Amaradasa ........ 79 FUZZIFICATION - DECISION MAKING IN TERMS OF UNCERTAINTY Željko............................................................................................................................... V. Račić ........ 87 3 THE WORLD IN TURMOIL: SURPLUS OF MONOLOGUE – DEFICIT OF UNDERSTANDING Prof dr Petar Đukić Editor-in-Chief of Economics, Journal for Innovation and Economic Research Editorial doi: 2478 / eoik-2018-0028 While the Armistice Day and the 100th Anniversary of World War I was being marked in Paris on 11 November 2018, as if the world had been bedazzled. There could not have been any better presuppositions for a cooperative phase of stable post-crisis growth and development, nor any more confrontations, disruptions and conflicts. As if the world of today is resonating to the screams from the dreadful past, more focused towards stopping the competitors than to the efforts to improve one’s own position. Trade wars wage on, whereby Ukraine declared a state of war following the incident with the Russian fleet. Nowadays, extremism, isolationism and an unconventional form of deglobalization, or in other words – general obstruction, disbelief in the power of negotiation and communion, and even despair can be seen nearly everywhere. Just like a frightened man, whose ignorance and fear of the unknown cause him to react negatively and aggressively towards anything and anyone different, so the leaders of the countries, including the entire nations of today’s world, act rather aggressively, maintaining short-sighted and erroneous conduct towards anything that may make them worry or cause any reason for concern. DEGLOBALIZATION, INCREASE OF RISK ON GLOBAL GROWTH The greatest global risks remain climate change, migrations, terrorism, the future, the abundance and redistribution of natural resources, artificial intelligence and cybercrime, the arms race ... However, all of the above is supported by general misunderstanding, lack of willingness to cooperate, and lack of actual, serious dialogue. Regardless of the numerous meetings and conferences devoted to world peace, economics, disarmament, climate changes and control, security, migrations... the participants to seem to attend such summits solely to present their own public monologue, only to finally conclude that they have listened to one another and continue to maintain their previous standpoint. On the other hand, even after the autumn (although minor, but still negative) revision of the IMF’s global growth forecast from 3.9% to 3.7%, the growth rate remains relatively high, both for year 2018 and for 2019. The effects of new customs wars, economic sanctions and political pressures on global trade and development have been estimated at 0.2% shift downwards, which should not be too disturbing if there hadn’t been for a domino effect. Any bad signal and practice of political protectionism is immediately manifested onto „small players“, which tend to imitate „big, global players“ in those worst actions. The case of 100% taxes imposed by the Pristina administration (Kosovo and Metohija) on imports of goods from Serbia and Bosnia and Herzegovina for purely political reasons, are to cause colossal damage to the local economy and citizens, with the possibility of causing enormous risks to security and possible conflicts that may include innocent people. One should bear in mind that, as a rule, the consequences of the global turbulence onto the small national economies cause incomparably more difficulties than they do to the large economies. The problem of expanding the practice of customs wars is caused not only by economic but also by geopolitical and military-strategic goals, as well as by the reconfiguration of global power. However, 5 that issue threatens to establish itself as a practice with the possibility of escalating into open military conflicts, drastically increasing the costs and risks to the economy of the entire planet. It took the world “without
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