Improving Serbia’s business environment for more foreign and domestic investment

摘要

Serbia’s strong economic growth from the pre-crisis period, interrupted when the global financialudcrisis was transmitted to the country, is expected to be slower in the coming years than in the precrisisudperiod, as the growth model based on high domestic consumption and foreign savings' financingudis no longer possible. Creation of a favourable business environment is one of the key preconditionsudfor attracting foreign and domestic investment, necessary for structural changes, economic recovery,udand sustainable growth of Serbian economy.udAccording to the several key international databases and surveys, Serbian business environment has audnumber of weaknesses. Its quality is lagging in a number of indicators not only behind the EU-10udregion, but also behind the Western Balkans. The most prominent weaknesses of Serbian businessudenvironment, which inhibit the foreign and domestic in Serbia are: slow progress in structural andudinstitutional reforms, poor implementation of laws, inefficient government bureaucracy, high level ofudcorruption, and high administrative barriers in the area of construction permits, paying taxes andudclosing a business.udThe papaer concludes that the best way for Serbia to improve the quality of its business environment,udis to speed up the reform process and to strengthen the structural and institutional reforms. Furtherudprogress with the EU accession process is also of great importance for the improvement of theudbusiness environment, improving the attractiveness of the country for domestic and foreign investment.