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The Government of the Republic of Serbia

In the service of citizens

Serbia maintained growth despite crises, difficult circumstances in the world

Kopaonik, 4 March 2024

Prime Minister Ana Brnabic stated tonight that Serbia has become a country that has succeeded in transforming its economy from a labour-intensive one to the one based on innovation and advanced technology.

Participating in the panel "Action Plan for Green Transition in Serbia" at the Kopaonik Business Forum, Brnabic pointed out that until 2016, 2017, Serbia was a country whose economy was mainly based on labour-intensive investments, because unemployment in 2012 stood at more than 25 percent.

The Prime Minister stated that the situation was much different when she assumed the office of Prime Minister and that it was already clear then that Serbia would achieve fiscal stability and that unemployment would be reduced below 10 percent.

According to her, since the time of the COVID-19 pandemic, development has been based on the growth that came from the service sector, noting that every other job opening in Serbia was in the ICT sector.

Also, the Prime Minister stated that the largest percentage of investments in Serbia still comes from the European Union, but also that an increasing number of investments are coming from Asia, which she described as excellent.

Last year, 30 percent of foreign investments came from China, but Serbia’s relations with Japan in terms of investment, as well as in the political aspect are getting better and better, Brnabic said and noted that Korea will be our focus in the future.

She underlined that Germany is Serbia's undisputed partner when it comes to the exchange of goods, the USA in the exchange of services, while the largest exporter from our country is a company from China, which is the result of diversification that represents great security for our country.

According to her, thanks to a lot of work and struggle, Serbia managed to get elected as the host country of the international specialised Expo 2027, when we should present Belgrade and all of Serbia in the best light.

We want to present Serbia and the region as a significant point in the future development of the whole of Europe, said the Prime Minister and added that €18 billion will be invested in order to present Serbia to the whole world in the best possible way.

The Prime Minister added that Serbia managed to maintain growth despite multiple crises and extremely difficult circumstances in the world, and that there has been constant economic growth in our country from 2019 until now, except for 2020 due to the pandemic, when the decline was minimal, of 0.9 percent.