A N A LY S I S ECONOMY AND FINANCE SERBIA’S ECONOMIC GROWTH It is Real and(Yet Another) Missed Opportunity Kori Udovički October 2021 Serbia is on a path of strengthening economic growth. As it is economic prosperity that the electorate really cares about, it is impor­tant for Serbia’s democratic future[that we] to understand why. After nearly two decades of a slow and tortuous economic transformation, Serbia has grown an economic founda­tion of vibrant businesses and it is attracting FDI away from China and the Central and Eastern Europe, who have moved to higher steps in the development ladder. A business environment dis­criminating against small play­ers and domestic“political outsiders” is preventing Serbia from taking full advantage and spreading the benefits of this(finally!) favorable struc ­tural position.