Serbia’s Republic Electoral Commission certified on 5 November that the student-backed Students’ List won 140 seats in the National Assembly, which has 250 seats. The result gives the list a majority, but its proposed economic measures are not in force and require a constituted parliament and a formed cabinet before they can become budget decisions or legislation.
The election took place on 25 October, followed by repeat voting at 53 polling stations on 1 November, the commission said. It allocated mandates to candidates on 6 November. The Aleksandar Vučić–United Serbia list won 103 seats, while minority lists received seven.
Economic platform awaits implementation
The student-backed movement’s platform proposes shifting Serbia away from competing mainly through low labour costs and large subsidies for foreign manufacturers. It calls for more support for domestic enterprises, research and innovation, changes to income taxation and stronger scrutiny of state-owned companies.
One proposal is to create a development bank by combining existing public financing institutions. The movement has also proposed a more progressive tax system and a higher tax-free allowance, measures that could support lower-income households.
Foreign-owned factories have helped Serbia expand industrial exports and employment, while public works have supported construction activity. Plant closures and the expiry of customer contracts have also highlighted how subsidy-backed projects can be exposed to decisions made by companies abroad.
Any replacement for the current investment-support model would need to retain investor confidence while linking public support to stronger productivity, wage and supplier-development conditions. The movement has also promised wider publication of government contracts and a review of special legal arrangements.
Investors await budget and contract details
More open competition in procurement could improve price discovery and access for Serbian contractors. But abrupt changes to committed investment projects could lead to disputes, delayed payments or higher financing costs unless transition arrangements are carefully managed.
A reduction in labour-tax revenue would need to be offset or phased in if the government also seeks to protect pensions, debt servicing and capital expenditure. Investors will look for costed proposals rather than campaign targets.
International creditors and manufacturers will assess the new majority by its first budget, its treatment of existing contracts and the institutional safeguards it implements. The programme remains subject to legislative and financial tests before proposals can become binding changes to contracts or public policy.
