NALED Members View the Business Environment Positively, but Are Concerned About International Tensions and Energy Prices

Support for innovation, digitalization, and the adoption of artificial intelligence in the economy, as well as support for small businesses, women’s entrepreneurship, and social enterprises, are among the key priorities that public authorities should focus on in 2026/27 to further improve the business environment in Serbia. This is one of the findings of NALED’s annual member survey, which also identified the promotion of local development and regional cooperation, the acceleration of reforms and European integration, and the implementation of the green agenda as important priorities.

A positive assessment of the business climate was given by 89% of respondents, reflecting a slight improvement compared to the previous year. On a scale from 1 to 5, the average rating reached 3.4. Optimism regarding the outlook for the coming year has also increased, with 35% of respondents believing that conditions will improve, while the share of those expecting a deterioration fell from 38% to 22%. Meanwhile, 43% believe that business conditions will remain unchanged, compared to 30% last year.

“Members’ increased optimism may be linked to the fact that concerns about political stability in the country, which were the most pronounced last year, have eased somewhat. Survey results show that members are currently most concerned about international tensions and rising energy prices, each cited by 34% of respondents, followed by labor availability and the efficiency of the judiciary,” said Mihailo Gajić, Head of Research and Analytics at NALED.

When it comes to the informal economy, half of the members expect it to remain at its current level over the next year. A reduction is expected by 34% of respondents, while the share of those anticipating an increase in informal business activity has declined from 25% to 16% compared to the previous year. This trend is supported by the preparation of the new Programme for the Suppression of the Grey Economy until 2030, accompanied by an action plan that is expected to enter public consultation soon.

In line with these findings, the Ministry of Finance continues to be overwhelmingly recognized as the most important institution for improving the business environment, according to 78% of members. It is followed by the Ministry of Economy (47%), the Ministry of Construction, Transport and Infrastructure (21%), the National Bank of Serbia (15%), and both the Tax Administration and the Ministry of Agriculture, Forestry and Water Management (14% each).

The average rating of institutional performance in Serbia increased from 2.9 last year to 3.2, while the state of public-private dialogue received a similar assessment. The largest share of members (40%) rated institutions with a score of three, 28% gave a score of four, and 9% awarded the highest rating. A score of two was given by 18% of respondents, while 5% assigned the lowest rating.

As for the priorities that NALED should advocate, 54% of members highlighted innovation, digital transformation, and artificial intelligence, 36% emphasized support for small businesses, women’s entrepreneurship, and social enterprises, while 32% pointed to improving conditions for local development and regional cooperation.

A total of 123 members participated in this year’s survey, representing 40% of NALED’s overall membership. Half of the respondents came from the private sector, including companies and small and medium-sized enterprises, while 36% represented local governments and public institutions. Civil society organizations accounted for 7% of participants, as did faculties and research institutes.