Economic Outlook

THE TRANSITION TOWARDS A MULTI-CURRENCY WORLD ORDER

Nataša Stanojević — 2025-12-28

The article examines the ongoing global shift from the dominance of the US dollar in international transactions towards a multi-currency trade and financial system. The analysis identifies four key dimensions of this transformation: the decline of dollar hegemony, the growing use of alternative currencies in energy trade, the diversification of currencies in international payments, and the development of stand-alone payment infrastructures, such as SPFS, CIPS and SFMS, which facilitate a move away from SWIFT and the dollar-centred architecture. Taken together, these elements reflect a strategic rethinking of monetary power in an increasingly fragmented geopolitical environment. The article focuses on the case study of Russia, which has implemented the most comprehensive de-dollarisation strategy among major economies. Since 2022, Russia has significantly reduced the use of the dollar and euro in its foreign trade, replacing them with the rouble, yuan and other partner-country currencies. Bilateral agreements, institutional coordination within the Eurasian Economic Union and BRICS, and region-specific trade data are used to illustrate the scope and implications of this currency transition. While the Russian case is the most prominent due to data availability, similar tendencies in China, India and the Gulf Arab states are also examined. The study employs a qualitative methodology supported by descriptive statistics, drawing on official trade and payments data, summit communiqués and secondary sources to trace currency use and institutional developments. The findings suggest that, although dollar dominance remains structurally entrenched, a multipolar monetary order based on regional financial blocs and alternative transaction channels is gradually emerging. This new system is expected to gain resilience through the convergence of monetary, trade and technological strategies.

ECONOMIC CHALLENGES AND CONSUMER PURCHASING BEHAVIOUR: AN INSIGHT FROM ILORIN METROPOLIS IN KWARA STATE, NIGERIA

Abdulraheem Mulikat — 2025-12-28

The Nigerian economy is witnessing significant economic challenges that may affect businesses, individuals and households. These challenges include, exchange rate, interest rate, economic instability and inflation which may have consequent effect on consumer purchasing behaviour. The objective of the research work is to assess the effect of these economic challenges on consumer purchasing behaviour: An insight from Ilorin metropolis in Kwara state Nigeria. Descriptive survey design was adopted for the study and the population comprised of individuals from Ilorin Metropolis. However, the Cochran formula was use to arrive at a sample size of 385 respondents out of which 367 respondents filled and returned the questionnaire. A structured questionnaire was designed on a five-point likert scale to indicate the degree of respondent’s agreement. One hypothesis was tested using multiple regression analysis. Statistical analyses such as ANOVA, regression, and correlation coefficient were conducted, revealing significant evidence of the influence of economic challenges on consumer purchasing behaviour. The null hypothesis stating that economic challenges have no significant effect on consumer purchasing behaviour was rejected which implies that economic challenges have effect on consumer purchasing behaviour. The study concluded that economic challenges significantly affect consumer purchasing behaviour which has led to a change in consumption pattern, spending habit and purchasing decision. It was recommended that individuals in Ilorin metropolis should develop strategies to cope with the present economic situation and businesses should offer value for money goods and services to meet up with the changing consumer needs. The findings provide empirical evidence of the effect of economic challenges on consumer purchasing behaviour, filling a knowledge gap in the existing literature.

THE IMPACT OF THE EDUCATIONAL STRUCTURE OF HUMAN CAPITAL ON BUSINESS PERFORMANCE OF ENTERPRISES IN THE REPUBLIC OF SERBIA

Ljiljana Arsić — 2025-12-28

The aim of this paper is to critically analyze and evaluate the impact of human capital education on the economic growth of enterprises in the Republic of Serbia, with a special focus on theoretical and empirical aspects of the relationship between investments in knowledge and organizational productivity. Starting from modern economic and managerial paradigms that treat human capital as one of the main carriers of competitive advantage, the paper problematizes the levels and structure of the labor force education in Serbia, as well as the degree of compliance between educational profiles and the requirements of the modern business environment. Methodologically, the research relies on the analysis of relevant literature, statistical data and results of previous studies, in order to identify key correlations between the educational level of employees and growth indicators at the level of individual enterprises. The obtained findings indicate a strong positive impact of continuous investment in education and professional development on innovation, efficiency and financial performance of enterprises. The conclusion points to the need for a systemic approach to human capital development, which implies more intensive cooperation between educational institutions, the state and the private sector in order to create a dynamic and flexible labor market, capable of responding to the challenges of the modern knowledge-based economy.

THE RATIONALE BEHIND CRYPTOCURRENCY TAXATION AND GLOBAL TRENDS

Daniel Zdolšek — 2025-12-28

This conference paper examines the rationale behind taxing cryptocurrency operations and the current regulatory frameworks governing them. As the significance and value of crypto-assets rose and became a crucial potential investment, embraced by numerous investors, the importance of their typologization, classification, and definition has also increased. Crypto-assets were initially issued as currency, a term often used to describe this concept, and, therefore, serve as a medium of exchange or a digital payment method. However, with time, they have increasingly evolved into speculative investment assets. Bitcoin, first introduced in 2008 as a response to financial crises, is a classic example of speculative investment. Given the potential returns on the sale of cryptocurrencies and the lack of regulation in this area, particularly in comparison with traditional financial instruments such as shares, the taxation of cryptocurrencies is a key issue for existing and potential investors, regulators, and governments worldwide. The transformation of cryptocurrencies into crypto-assets raises a few critical questions: (1) why should crypto-assets be taxed, and (2) which are already established global platforms for crypto taxation. International recommendations concerning what aspects of crypto activity should be taxed—and how—are crucial for enhancing transparency in crypto markets and curbing potential misuse. Moreover, the lack of clarity in terminology and substance continues to create confusion, which this article aims to address.