Serbia’s economy is increasingly characterised by divergence. On one side, traditional investment driven by bank credit is slowing. On the other, innovation and early-stage technology activity remains comparatively resilient.
This split reflects structural change. Innovation relies on human capital and long-term potential, while traditional investment is more sensitive to current financing conditions. The two tracks are moving at different speeds, raising questions about how they can be reconnected.
Innovation alone cannot compensate for weak corporate investment, but it can soften the impact and lay foundations for future growth. The challenge lies in integrating these dynamics into a coherent growth model rather than treating them as separate spheres.
Serbia’s ability to bridge this divide will shape its economic trajectory in the coming years.
