external dependence

Serbia’s Growing External Dependence: Capital Flows, EU Demand, and Energy Imports

Serbia's macroeconomic framework for 2026 presents a façade of stability, characterized by moderate growth, controlled inflation, and manageable public debt. However, a critical underlying issue is the increasing reliance on external systems that underpin the economy's resilience and vulnerability. Capital inflows, demand from the European Union (EU), and energy imports have transitioned from supportive elements to essential factors shaping economic stability. This growing dependence is particularly evident as Serbia shifts toward an investment-driven growth model. The expansion of infrastructure, energy…