Між ЄС, Сі та Путіним: як змінювалась економіка Сербії під владою "вічного" Вучича

23.10.2026, 07:00◉ 03 min readEditorial team “SHCHO STALOSIA”

Після двох років студентських протестів Сербія як ніколи близька до кінця 14-річної епохи Александара Вучича – все можуть вирішити вибори 25 жовтня. Як під його владою трансформувалась сербська економіка?

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Між ЄС, Сі та Путіним: як змінювалась економіка Сербії під владою "вічного" Вучича

Critics and the opposition accuse him of authoritarianism and undermining democratic norms, corruption and rollback of reforms that slow down the country's movement towards the EU. And independent experts emphasize that the "economic miracle", which the Serbian president has repeatedly boasted, is actually far away.

But victory in the vote is not guaranteed: the Student List – Students Win nominated 250 candidates and has every chance of beating the ruling Serbian Progressive Party (SNS).

How did Belgrade, under Vucic's rule, become China's "gateway" to penetrate the EU markets and a hub for Russians and sanctioned oligarchs? In what state is the Serbian economy approaching the elections? And why is Vucic accused of dismantling democracy?

On the eve of the elections on October 25, the Vienna Institute for International Economic Studies published an assessment of Serbia's economic performance over the 14 years of the SNS board, refuting the government's thesis of an "economic miracle."

Details

Currently, the number of employed people in Serbia roughly corresponds to the level that was before the financial crisis, but it is still lower than in the early 2000s – 2.7-3 million, including the shadow sector and self-employed farmers. At the same time, more than 200 thousand citizens remain unemployed, and the economically inactive population (persons over the age of 15 who are not working and are not looking for work, in particular, students, pensioners or housewives) accounts for 2.5 million persons.

Context

Aleksandar Vucic has dominated Serbian politics for more than 10 years, first as prime minister and then as president. For supporters, he is a pragmatic leader and "savior of the nation", who, balancing between the EU, China and the Russian Federation, provided the country with stability and sustainable economic growth after the protracted consequences of the Yugoslav wars and the global financial crisis 2008 year

Moreover, the growing protests after the collapse of the canopy over the railway station in Novi Sad on November 1, 2024, which claimed the lives of 16 people, turned into a protracted political crisis.

What's next

It was the protests, as well as the deterioration of relations with the country's key donor – the European Union, that forced Vucic to resort to the plan with a castling: he resigned early from the second and last presidential term, counting after early parliamentary elections on October 25, to head the government again. According to the Constitution of Serbia, it is the prime minister who is the head of the executive power, so Aleksandar will retain his influence if he succeeds.