More than half of AmCham members plan business growth and new investments in 2026, while expecting greater government commitment to institutional reforms, EU integration, and smart growth

Priorities for long-term growth: strengthening the rule of law and a more efficient judiciary, reducing corruption and the grey economy, modernizing labor legislation, and investing in education.

AmCham member companies in Serbia rated the business climate 2.6 on a scale of 1 to 5, indicating moderate satisfaction. This marks a decline compared to last year, when the rating was 3, the highest since the survey’s inception. Meanwhile, small and micro-enterprises not affiliated with AmCham, included in the survey, gave a similar rating of 2.7. Business performance in 2025 for both AmCham members and these smaller companies remained at levels comparable to 2022, in line with the October forecast of the National Bank of Serbia, projecting GDP growth of 2.1% in 2025, roughly equal to 2022 levels.

Cautious optimism amid global uncertainties
“Compared to last year—the most optimistic since we started the survey—in this 13th edition, we see greater caution among members, as well as micro and small businesses, similar to 2022,” said Stefan Lazarević, President of AmCham Serbia. “Experience shows that from this level, record results are possible, as seen last year. However, given our economy’s sensitivity to global influences, we must focus even more on local actions. Our survey confirms that priorities remain institutional reforms: efficient judiciary, rule of law, functional market economy, and regulatory predictability aligned with EU standards. Special focus should be on fostering smart growth and continued government engagement in this area.

Notably, 71% of members view workforce education on automation and AI use as the main challenge, while the EU and US accelerate programs supporting innovative growth. Serbia cannot afford to fall behind, especially with our advanced IT sector and strong export record. This requires developing infrastructure and regulatory policies to attract smart investments, fostering skill development, linking science and business, and building integrated innovation ecosystems connecting established companies and startups.”

Forecasts for 2026
Looking ahead to 2026, 52% of AmCham members expect business growth, and 35% plan new hiring. Among micro and small enterprises, 29% expect growth, and 22% plan new hires. 59% of AmCham members plan new investments, while smaller enterprises remain cautious, with only 27% expecting to invest further next year.

Global and local unpredictability as key challenges
The survey was completed before the sanctions on NIS and uncertainty over gas arrangements, highlighting unpredictable global trade policies, weak economic activity in Serbia’s main trading partner—the EU—and domestic socio-political instability and insufficient public administration efficiency as primary challenges. Around a third of respondents in both groups cited inflation as a concern (survey started when inflation was 4.7% and concluded before October’s 2.8% measurement). Companies emphasised that market mechanisms and strong institutions should take precedence over administrative measures.

Reforms for long-term growth
For more than seven years, AmCham members have identified reducing corruption, establishing the rule of law, and an efficient judiciary as top reform priorities for systemic business environment improvement. Reducing the grey economy is again gaining importance, reflecting the need to adapt administrative capacity to online sales channels. Micro and small businesses largely align with AmCham priorities, adding the need for more flexible labour legislation, as high tax burdens on low wages challenge daily operations. According to AmCham members, modern labour laws should address digital communication in labour relations, remote and platform work regulations aligned with EU directives, and simplified wage structures.

About the survey
AmCham’s 13th edition of the “Trinaesto prolazno vreme” survey was conducted with Ipsos Strategic Marketing between July and October 2024. Member companies responded via online questionnaires, supplemented with qualitative interviews conducted in person or via video meetings. To capture a broader perspective, the survey included a sample of micro and small enterprises outside AmCham membership, enabling comparison between large investors and smaller companies for a comprehensive view of Serbia’s economy and steps required for faster growth.