Intellectual Capital as the Driver of Regional Development: Evidence from Serbia

(1) Background: This paper examines the role of intellectual capital (IC) in regional development in Serbia, introducing a regional intellectual capital (RIC) model specifically adapted for the Serbian context. (2) Methods: This paper aims to use a composite Regional Intellectual Capital Index (RICI) and three sub-indices comprising human, structural, and innovation capital covering four regions, Belgrade, Vojvodina, Šumadija and Western Serbia, and Southern and Eastern Serbia, to explore the role of IC in regional development and thus its place in regional public policies. (3) Results: Using empirical data from 2015 to 2023, the analysis demonstrates that Belgrade consistently records the highest level of overall intellectual capital among the four analyzed regions, indicating substantial and persistent interregional disparities. Structural capital exhibits the strongest correlation with regional GDP, while higher cumulative IC is associated with significantly improved economic performance. (4) Conclusions: The study highlights persistent regional disparities, confirms the importance of IC for sustainable growth, and provides a methodological framework for policymakers to design targeted strategies that enhance regional competitiveness and reduce inequalities.