Abstract Book of the 8th International Conference on Research in Business, Management and Finance
Year: 2025
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Artificial Intelligence in Bosnia and Herzegovina: Contextual Analysis
Kara Westerfield
ABSTRACT:
This paper reviews the effects of artificial intelligence on economic growth and innovation using white and grey sources from 2018 to 2024. Special consideration on the future of AI in the Republic of Bosnia and Herzegovina, a Western Balkan country, is given. A three-step content analysis was used. First, content identification using IEEE, Scopus and Web of Science and an interdisciplinary framework was performed. Second, the scholarly articles were compared and contrasted against the AI Index, the Global Innovation Index, the Government AI Readiness Index, and investment climate reports for the same time period. Third, the content was coded; themes and trends were identified. The content analysis portrays a country in transition. The paper argues that transitional economies can experience AI driven growth. The results show that while awareness of artificial intelligence is growing and indications of potential are present, peers Serbia and Macedonia outperform the Republic of Bosnia and Herzegovina in readiness to implement artificial intelligence. The analysis reveals the country’s potential is hindered by the economic drag of emigration of cost competitive labor and constrained funding, insufficient institutions and, lack of vision on advanced technologies. Consequently, it is recommended the country implement reforms that increase investment and encourage entrepreneurship.
Keywords: AI, Indicators, Innovation, Western Balkan Economies