The Application of Fractional Calculus in Modeling Economic Growth in Serbia

In this paper, we apply Grünwald–Letnikov-type fractional-order calculus to simulate the growth of Serbia’s gross domestic product (GDP). We also compare the fractional-order model’s results with those of a similar integer-order model. The significance of variables is assessed by the Akaike Information Criterion (AIC). The research demonstrates that the Grünwald–Letnikov fractional-order model provides a more accurate representation compared to the standard integer-order model and performs very accurately in predicting GDP values.