At the core of SME competitiveness is the knowledge and skills of the workforce. This cluster examines how these are developed across the lifecycle, starting with how education systems foster entrepreneurial skills and align practical training with SME needs. It then considers how SMEs access relevant skills, leveraging skills intelligence, upskilling and reskilling, and empowering women entrepreneurs. It also explores the role of the social economy and support for social enterprise development.
SME Policy Index for Western Balkans and Türkiye 2026 – Economy Profile for Serbia
Abstract
The world of work is undergoing profound transformation, driven by structural changes in labour markets and societies. Digital and green transitions, alongside demographic shifts, are reshaping not only how businesses operate but also the skills they require. In Serbia, much like elsewhere in the world, small and medium-sized enterprises (SMEs) are at the forefront of this transformation. Preparation starts in the classroom: educational and training systems need to go beyond delivering subject-specific knowledge to foster transversal skills such as adaptability, problem-solving and collaboration while placing a greater emphasis on hands-on, practical learning.
However, the pace of change in the labour market is outstripping that of education systems, with signs of strain already visible. Foundational learning outcomes remain weak, with Serbia scoring an average of 440 in both reading and mathematics in the latest Programme for International Student Assessment (PISA) – well below the respective OECD averages of 482 and 480, despite being the second-highest among the assessed Western Balkan and Türkiye (WBT) economies (OECD, 2023[1]). At the same time, approximately one in four employers in Serbia report that the skills taught in the education system do not meet the needs of their business (RCC, 2023[2]). For Serbian SMEs to remain resilient and competitive, education and training systems must not only raise the quality of learning but also become more agile, equipping students with the resilience to thrive in an ever-changing world of work.
Accordingly, this section considers both how the education system equips learners with entrepreneurial capabilities and how education and training pathways connect more effectively with SMEs to support labour market entry and firm-level skills needs.
5.1.1. Fostering entrepreneurial skills and mindsets through education
Within this broader transformation, nurturing entrepreneurial skills and mindsets among students is essential, especially as global trends indicate a growing demand for these skills, which are projected to increase by 32% in Europe alone by 2030 compared to 2016 (European Commission, 2024[3]). In Serbia, this growing demand is matched by a strong interest among youth: a 2024 survey found that 65% of high school students expressed a desire to start their own business (Development Fund of Serbia, 2025[4]).
A strategic focus on developing entrepreneurial skills is visible across Serbia’s education, innovation and start-up strategies, signalling recognition of entrepreneurship as a cross-cutting driver of skills development and economic transformation (Table 5.1). Policy framing largely positions entrepreneurial competences as a lever to advance innovation goals, supported by binding legal provisions in the Law on the Fundamentals of the Education System, which provides the normative basis for embedding entrepreneurship as a key competence. However, this legal anchoring is most explicit at the primary level of education, whereas subsequent strategic measures concentrate more heavily on secondary and higher education. The uneven emphasis across levels of education suggests a risk of fragmentation in the learning pathway, with weaker foundations built in earlier stages of schooling.
The limited integration of entrepreneurship into Serbia’s education policy frameworks is reflected in its uneven implementation across the curriculum. Entrepreneurship is formally recognised as a cross-curricular competence at all education levels and embedded in compulsory subjects (e.g. mathematics, chemistry, geography), most often delivered through transversal skills like problem-solving and teamwork (Government of Serbia, 2025[10]; 2024[11]). However, analysis shows inconsistent application within and across subjects, weakening opportunities for progressive skill development. For instance, in “Technique and Technology”, a mandatory course for students in fifth to eighth grade, entrepreneurship-related learning outcomes range widely (from just 6.5% in sixth grade to 23% in eighth) while practical entrepreneurial skills are mainly concentrated in fifth and eighth grades (Jokić et al., 2024[12]). The absence of sustained focus in the intermediate years limits students’ ability to build on earlier learning and gradually internalise entrepreneurial mindsets.
By secondary school, entrepreneurial learning tends to be offered through stand-alone elective subjects. General upper secondary students may choose economy and business in their third or fourth year, while vocational education and training (VET) students typically engage with entrepreneurship through compulsory practical learning. However, reliance on electives, particularly in general secondary education, restricts universal access and can disrupt the continuity of competence development across the education cycle. These structural gaps may be compounded by the limited use of the European Union’s (EU) Entrepreneurial Competence Framework (EntreComp)1 as a guiding tool for curriculum development and lifelong skills development across the education system.
One challenge in integrating entrepreneurship as a cross-curricular competence is the limited pedagogical support, as teachers do not receive any clear guidance on how to apply this approach. Some support is available through the Junior Achievement Serbia programme, which offers teaching materials via an online portal2 and provides designated training to support the implementation of specific programmes.3 However, despite the programme’s broad reach, currently engaging teachers in 389 out of 501 general high schools in Serbia as of August 2025,4 overall participation remains low: just 1 505 teachers are involved out of tens of thousands nationwide,5 leaving most without dedicated support for entrepreneurship education. Survey findings indicate correspondingly low confidence levels, with many teachers reporting weaker entrepreneurship and digital competences relative to other subjects (Serbian Ministry of Education, Science and Technological Development, 2021[7]). Limited system-wide prioritisation reinforces this gap: the 2023-2026 Action Plan for the Education Development Strategy 2030 only includes one indicator related to entrepreneurial and financial competences, tracking the number of trained teachers, and sets a modest target of 5 000 trained representatives over 4 years – a general and relatively low-ambition objective (Serbian Ministry of Education, 2023[13]).
In practice, much of students’ entrepreneurial skill-building relies on elective practical entrepreneurial experiences, such as student co-operatives and student companies. These initiatives give students opportunities to develop and manage business ideas (often in direct interaction with the private sector) and help foster self-confidence and practical problem-solving. However, such programmes are not systematically embedded in the curriculum; consequently, their availability and quality can vary significantly across schools. The absence of national-level monitoring and assessment mechanisms further compounds this issue, alongside limited incentives for teachers to engage in entrepreneurship-related extracurricular activities.
Fully harnessing the benefits of entrepreneurial learning requires ensuring that all students, and in particular girls, are equally encouraged and empowered to participate. Serbia performs strongly in this regard: in 2023, 45.9% of tertiary education graduates in STEM (science, technology, engineering and mathematics) fields were female, significantly surpassing the EU average of 33.5% and one of the highest shares in the WBT region (Eurostat, 2025[14]). Women represent a smaller share in ICT fields (29%), yet this remains substantially higher than the EU average of 19%, suggesting a comparatively strong pipeline of female digital talent (UNDP Serbia and UNDP Accelerator Lab in Serbia, 2023[15]). Results from PISA 2022 show near parity in performance between girls and boys in STEM-related subjects: boys outperform girls in mathematics by 11 points (compared to the OECD average of 9 points), while girls outperform boys in science by 3 points (OECD average of 0) (OECD, 2023[1]). Together with the high share of female STEM graduates, these figures reflect girls’ capacity and interest to pursue careers in STEM and ICT.
Several initiatives support girls’ engagement in these fields by combining hands-on learning with awareness-raising efforts.6 For example, the Girls Go Circular programme (Box 5.1) offers practical experience in digital, green and entrepreneurial skills. In parallel, initiatives such as the Association of Business Women in Serbia’s Girls in ICT Day connect girls with female professional role models in STEM and ICT fields. This exposure had a strong impact: among participants in Girls in ICT Day, 95% reported aspiring to be like the women they met, while 50% expressed a desire to become directors or entrepreneurs themselves (Tang, 2025[16]).
In 2024, Junior Achievement Serbia marked the fourth consecutive year of implementing the Girls Go Circular programme, an initiative to increase the participation of girls in innovation and science, technology, engineering and mathematics (STEM)/ICT fields. The programme helps girls aged 14-18 acquire digital, green and entrepreneurial skills through interactive learning modules. Participants can choose from 13 elective courses as well as 2 mandatory courses to help them discover the topics that best suit their interests.
Between October and December 2024, a total of 4 376 girls from 61 secondary schools successfully completed the required modules, an increase from 2 549 participants in 2021. Activities included conducting online research, planning social media campaigns, creating videos and presentations, and developing business plans, both individually and in teams. To recognise and encourage participation, Junior Achievement Serbia awarded cash prizes to the five schools with the highest number of participants.
Sources: Junior Achievement Serbia (2025[17]; 2022[18]).
5.1.2. Bridging the divide between education and training systems and SMEs
Equipping students with relevant skills is essential to support a smooth transition from school to work and to ensure they meet labour market demands. Serbia has made steady advances in this area, recording the lowest rate of youth not in employment, education or training (NEET) in the WBT region, at 12.9% in 2024 (Figure 5.1). This is significantly closer to the EU average of 9.2% than the regional average of 20.5%. Importantly, this rate is nearly identical for young men and young women (13.1% versus 12.6%, respectively, in 2024), and regional disparities are modest, with rates ranging from 11.6% in Belgrade to 15.8% in Southern and Eastern Serbia.
Note: NEET: not in employment, education or training; WBT: Western Balkans and Türkiye; EU: European Union.
Source: Eurostat (2025[19]).
However, despite this progress, limited exposure to practical training remains a key challenge, particularly for vocational education students, who benefit the most from hands-on learning given the applied nature of their occupations. In 2024, only 21% of VET graduates had participated in work-based learning (WBL) during their studies, compared to 65.2% across the European Union (Eurostat, 2025[20]). This lack of practical experience contributes to persistent skills gaps, which employers in Serbia frequently cite as a major barrier to hiring (IMF, 2025[21]).
To address this challenge, Serbia has increasingly embraced dual VET, a model that places a greater emphasis on in-company placements to deliver practical training in a real work environment.7 Interest in the model has grown steadily since its introduction in 2019,8 with around 21 900 students and 1 200 companies participating across 92 occupational profiles (Chamber of Commerce and Industry of Serbia, 2025[22]).9 In the 2025/2026 school year alone, a total of 9 344 students are enrolled,10 supported by 615 certified11 host companies that have formalised training arrangements through contracts with schools. Such broad interest is likely partly due to perceived positive impact on students’ skills and employability: in one survey, over 70% of students, schools and companies agreed that dual VET participants demonstrate stronger job-related skills than those in general secondary VET, largely due to the hands-on experience it provides (Renold et al., 2024[23]). Despite this progress, participation remains relatively limited, with dual VET currently encompassing only around 8% of the overall VET population, indicating that the model has yet to achieve broad-based uptake.
Nonetheless, of the WBT economies, Serbia stands out for its well-developed legal framework governing dual VET (Table 5.2). It was the first WBT economy to adopt dedicated legislation regulating this form of training and has since established one of the most comprehensive legal systems in the WBT region. In addition to the law itself, Serbia has adopted key rulebooks that outline the procedures and operational guidance necessary to translate legal principles into practice.
Notes: Serbia also adopted the Law on the Dual Model of Studies in Higher Education in 2019 which regulates the structure and implementation of dual-study programmes at the tertiary level. However, as this law applies to higher education rather vocational education and training, it is excluded from the table.
Source: Adapted from information provided by the Serbian government during the assessment period.
In addition, Serbia’s Office for Dual Education and the National Qualifications Framework has developed a series of practical guidelines on dual education for key stakeholders, including parents and students, schools, and companies. These were introduced in response to employer uncertainty during early implementation, particularly confusion around legal responsibilities and student remuneration (Grujić, 2020[24]). The Guide to Dual Education for Companies was created to make compliance more accessible, offering step-by-step instructions to help firms navigate contractual obligations and training requirements (Table 5.3).
Source: Serbian Ministry of Education, Science and Technological Development/Centre for Educational Policies (2021[25]).
Despite these efforts, the Chamber of Commerce and Industry reports that many employers still perceive dual VET requirements as administratively demanding. Participation requires firms to allocate staff time to instructor training, comply with prescribed technical and organisational standards, and ensure training quality – obligations that are particularly burdensome for SMEs. Although reforms such as the digitalisation of instructor training aim to reduce time away from work, smaller firms often perceive the system as implicitly designed for larger employers, which are better able to host multiple occupational profiles, ensure continuous mentorship and offer more attractive working conditions. These structural disadvantages are compounded by staff turnover: because instructor licences are issued to individuals rather than companies, SMEs need to retrain new employees when licensed instructors leave, increasing costs and uncertainty. At the same time, SMEs report persistent difficulties in attracting and retaining students, as many vocational learners do not envisage long-term careers in manufacturing and instead aspire to service sector jobs or employment with large or foreign firms in urban centres.12 Yet, against this backdrop, individual firm-level practices provide useful insights into how these constraints can be mitigated in practice (Box 5.2).
Despite the constraints many small and medium-sized enterprises (SMEs) face in implementing dual vocational education and training (VET), there are examples where firms have successfully adapted the model to their needs. Inmold Ltd., a medium-sized manufacturing company based in Požega, Serbia, illustrates how dual VET can be transformed from a compliance requirement into a long-term talent investment when firms are strategically committed and adequately resourced. The company has invested heavily in its own dual training infrastructure, including the establishment of a dedicated training centre and an in-house academy for secondary school students. More recently, Inmold has further strengthened education-industry linkages by opening an office at the Faculty of Mechanical Engineering, deepening co-operation with higher education institutions.
Since 2011, the enterprise has provided scholarships to pupils in mechatronics and computer numerical control technology, combining paid internships, structured mentoring and guaranteed employment upon graduation. Support extends beyond secondary education, with the company assisting students financially and academically in preparing for entrance exams and completing coursework at technical faculties.
Overall, Inmold provides a concrete example of an SME that has fully internalised and adapted the dual VET model to its business needs, demonstrating how sustained investment and strategic alignment can turn dual education into a robust and reliable pipeline for skilled labour rather than an administrative burden.
Sources: Development Agency of Serbia (2020[26]); additional inputs from local consultants.
Another remaining barrier to effective and widespread implementation of dual VET lies in student remuneration. The amended Law on Dual Education requires that students be paid at least 70% of the minimum wage for each hour worked. However, clear financial incentives to offset this cost for employers (e.g. tax relief or deductions, per capita payments) are still lacking. The 2023 Rulebook on Financial Aid in Dual Education provides some support by allowing employers offering placements to students in shortage occupations to claim reimbursement of up to half the net minimum wage paid for practical training hours. Still, neither the law nor the rulebook recognise that extending financial incentives to all employers could help increase participation in the dual system (Grujić, 2020[24]). To partially ease this burden, the government launched its first public call in August 2024, allocating RSD 50 million (EUR 423 000) in grants to 113 companies providing WBL placements for final-year dual education students in the 2024/2025 school year (Serbian Ministry of Economy, 2024[27]; RTV, 2024[28]). These grants can be used to help cover student allowances.
Another key limitation is the limited time that students spend in in-company placements. Indeed, while dual VET has sought to increase the number of VET students completing practical training with businesses, it has yet to substantially increase the actual hours spent at the workplace. The Law on Dual Education allows WBL to account for 20-80% of total instruction time, and in practice learners are typically expected to spend 40-60% of their time in company placements, depending on the occupational profile and agreements between schools and employers. However, evidence suggests that actual participation is considerably lower. One study found that learners spend, on average, just 8.4 hours per week in in-company placements, or around 26% of a standard 32.5-hour school week (Renold et al., 2025[29]). This is only marginally above the OECD’s minimum threshold of 25% for a programme to be classified as “dual”. Even in the third year, time spent in placements increases to only 13 hours per week (around 40% of programme time), which remains well below good-practice benchmarks observed in countries such as Austria, Germany and Switzerland, where students typically spend more than 75% of their time in the workplace. Overall, this indicates that while employers and students recognise the value of dual VET, there is still significant scope to increase the duration of workplace learning to strengthen job‑relevant skill acquisition and reinforce dual VET as a long-term investment rather than a cost for companies.
Serbia has also taken important steps to support young people’s integration into the labour market through the development and implementation of the Youth Guarantee scheme. The initiative is currently being piloted from 2024 to the end of 2026 across three branches of the National Employment Service (Niš, Kruševac and Sremska Mitrovica), covering 20 local self-government units. Nationwide rollout is planned for January 2027 (Government of Serbia, 2025[30]).
Early results from January to September 2025 show mixed outcomes (Table 5.4). Nearly half of participants (46.3%) remained in the preparatory phase beyond the 4-month target, yet this share fell sharply to 5.6% by 12 months, indicating that while initial placement in employment, education or training can be slow, the programme ultimately facilitates successful transitions. Among the 6 536 recorded exits, 4 091 participants (62.6%) moved into positive outcomes (i.e. placements in employment or education), while only 311 (<1%) became unemployed or inactive. However, the destinations of 2 134 participants (32.6%) remain unknown, exposing gaps in tracking and highlighting the need for improved data collection to fully assess the programme’s impact.13 Notably, there is a significant gender disparity in negative outcomes: of those who became unemployed or inactive, only 44 were men compared to 267 women, despite the overall number of exits being broadly similar across genders.
Source: Data provided by National Employment Service.
Scaling the scheme nationwide presents further challenges. Engaging NEET youth requires intensive outreach, detailed statistical profiling, and individual interviews by NES counsellors to identify risk levels and target support effectively. These tasks place added strain on staff already managing heavy caseloads, compounded by a shortage of youth counsellors. Financial constraints add another layer of complexity: the total estimated cost of the Implementation Plan 2023-2026 is RSD 4.5 billion (EUR 38.4 million), yet there remains a financing gap of RSD 107 million (EUR 913 000) (Government of Serbia, 2023[31]). A substantial portion of the budget is allocated directly to programme activities – RSD 322.5 million (EUR 2.8 million) for subsidising employment with private sector employers and RSD 323.8 million (EUR 2.8 million) for self‑employment support between 2024 and 2026 – leaving limited room for expanding resources to support the NES.
The way forward
Develop system-level guidance to integrate the European Union Entrepreneurial Competence Framework competences into curricula frameworks. Serbia could establish national guidelines for entrepreneurship education, translating EntreComp into practical curriculum implementation across all levels and demonstrating how competences like creativity, spotting opportunities and coping with uncertainty apply equally to employment, social/civic engagement and self-employment. System-level guidelines can map how competences can be developed progressively with learning outcomes at each level and make explicit connections between EntreComp competences and existing curriculum subjects to show how entrepreneurial learning can fit within current teaching and be integrated into dual education models. In this regard, Portugal’s Reference Framework for Entrepreneurship Education provides a good practice example of how EntreComp can be translated into national curricula in a coherent, flexible way (Box 5.3).
Adopted in mid-2024, Portugal’s Framework for Entrepreneurship Education serves as a clear example of a comprehensive entrepreneurship education framework aligned with the European Union’s Entrepreneurial Competence Framework (EntreComp). The framework was developed collaboratively by public and private stakeholders including education, youth and industry bodies. Covering pre-school to secondary education, it leverages the EntreComp definition of entrepreneurship as “acting upon ideas and transforming them into value for others”, and that the value created can be financial, cultural or social. This emphasises that the key competence applies across all life spheres, not just business creation. The framework is integrated with Portugal’s Citizenship Education Strategy, allowing flexible implementation across curricula.
It structures learning through five interconnected themes: entrepreneurial competences, creativity, entrepreneurial action, the environment and communication. Moreover, learning outcomes are mapped in progressive complexity across each level of education with detailed descriptors for knowledge, skills, attitudes and values. The document includes practical implementation guidance while maintaining alignment with European frameworks, demonstrating how entrepreneurship education can be systematically embedded throughout compulsory education to support young people to learn how to think and act entrepreneurially.
Serbia currently lacks such system-level guidance. Portugal’s approach offers a valuable reference point for developing a coherent framework that ensures continuity in competence development across education levels and alignment with European Union standards.
Sources: Portuguese Directorate-General for Education (2024[32]); Banha et al. (2025[33]).
Ensure all learners receive at least one practical entrepreneurial experience before leaving compulsory education to reduce the current disparities in opportunity across the education system. Serbia is encouraged to develop system-level quality criteria collaboration with education stakeholders and current providers. These criteria should be relevant to multiple pathways with flexible models of delivery to work across the diverse educational landscape. The government may consider embedding experiences into curriculum time and schools could consider different formats such as student co‑operatives, student companies, social entrepreneurship projects, innovation challenges or community problem-solving initiatives.
Support teachers and school leaders in adopting experiential and entrepreneurship-oriented pedagogies, recognising that practical entrepreneurial experiences require a shift away from traditional classroom instruction. Targeted initial and continuous professional development should focus on facilitation skills, project-based learning, mentoring and assessment of transversal competences, enabling educators to effectively design, deliver and supervise entrepreneurial activities across different education pathways.
Strengthen labour market alignment of vocational and dual education through systematic inter‑ministerial co-ordination and employer input. Vocational and dual education programmes could be more closely aligned with labour market demand by formalising co-ordination between the Ministry of Economy, Ministry of Labour, the Ministry of Education, Office for Dual Education and National Qualifications Framework and the Chamber of Commerce and Industry. In particular, findings from employer surveys (see Section 5.2.1) could be systematically integrated into the updating of qualification standards, curricula and training provision, ensuring that programmes remain responsive to evolving skills needs and emerging technologies. This should be complemented by strengthening structured public-private dialogue mechanisms within dual education to ensure continuous employer input into the design and delivery of in-company training.
Expand and institutionalise system-level financial incentives for SMEs participating in dual education. While Serbia has introduced targeted financial support for companies, these incentives remain limited in scale, competitive in nature and not yet established as predictable, ongoing entitlements, which constrains coverage and reduces certainty for participating firms. Financial support mechanisms may include instruments such as tax reliefs or wage subsidies to help offset the costs of student remuneration. However, international experience suggests that such measures are most effective when complemented by targeted capacity-building investments that reduce structural participation costs and enhance training quality (e.g. co-financing equipment used for student training, supporting the adaptation of workplace training plans). This approach could support sustainable employer engagement across sectors and regions, particularly among smaller enterprises and firms in underserved areas, while reinforcing the quality of WBL provision.
Promote and scale effective work-based learning models through structured peer learning and dissemination mechanisms. Serbia could more systematically identify, document and showcase successful WBL or dual education models developed by domestic firms, particularly SMEs, that have adapted training to their skills needs. Establishing a structured peer-learning platform, such as company roadshows, case-based workshops or employer networks facilitated by the Chamber of Commerce and Industry, would support knowledge transfer, reduce implementation barriers for SMEs and encourage broader uptake of effective WBL practices within existing institutional frameworks.
While ensuring a skilled workforce for SMEs in Serbia begins with education, it cannot end there. The pace and complexity of changes in the labour market, particularly in the types of skills and occupations in demand, mean that workers are increasingly required to adapt to new roles or undergo major shifts within their existing jobs. Indeed, by 2027, an estimated 60% of workers worldwide will need to undertake some form of training to keep pace with rapid technological advancements (World Economic Forum, 2023[34]). This reality underscores the growing need for continuous upskilling and reskilling throughout individuals’ working lives to remain employable, productive and resilient.
However, persistent skills imbalances are becoming entrenched across the Serbian labour market, with both workers and SMEs highlighting significant gaps in the availability and quality of relevant skills. In 2023, one-third of workers in the economy reported high unmet learning needs, even as 28.9% were overqualified14 for their current roles, pointing to a clear disconnect between the outputs of the education system and the actual demands of the labour market (ETF, 2025[35]). Employer perspectives reinforce this picture: survey evidence shows that nearly 60% of SMEs experience substantial difficulties in recruiting workers with the required knowledge and skills, while 57% report comparable challenges in retaining existing staff (Center for Advanced Economic Studies, 2024[36]). These challenges are further exacerbated by the continued outflow of skilled labour, which has further narrowed the domestic talent pool. To support SME competitiveness and growth, Serbia’s skill systems need to become more responsive and agile.
Therefore, this section focuses on improving the responsiveness and inclusiveness of the SME skills ecosystem through four interrelated dimensions: more effective skills intelligence, stronger adult learning provision, targeted upskilling to manage the impacts of artificial intelligence and dedicated measures to support women entrepreneurs.
5.2.1. Understanding and anticipating skills needs
Meeting the evolving demands of the labour market requires more than reacting to change as it happens – it depends on a forward-looking understanding of where skills gaps exist today and how needs are likely to shift over time. Skills intelligence is central to this effort, offering the insight needed to align education and training with real-world demand.15 It guides hiring decisions, shapes the content of adult learning and reskilling programmes, and helps ensure that both individuals and enterprises are prepared to navigate ongoing technological and structural transformation. Across various EU member states, the systematic use of skills intelligence has proven highly effective by supporting more accurate identification of labour shortages, enabling targeted allocation of adult education subsidies and informing reforms to career guidance systems across member states (CEDEFOP, 2024[37]).
Yet despite its potential to help Serbia prepare its SMEs by ensuring access to relevant skills and knowledge, the economy’s skills intelligence system remains underdeveloped. There is no centralised framework or ministry explicitly responsible for conducting regular skills needs assessments, resulting in fragmented efforts across various institutions (European Commission, 2023[38]). For example, the Ministry of Labour, Employment, Veteran and Social Affairs (MoLEVSA) monitors labour market status and trends, whereas the National Statistical Office, National Employment Service and Chamber of Commerce and Industry collect and analyse skills data. The Office for Dual Education and the National Qualifications Framework is responsible for co-ordinating sectoral policies and assessing skills needs, as well as for developing projects, analyses and research relevant to skills development. Notably absent from this co-ordination is the Ministry of Education, Science and Technological Development, which can contribute to a disconnect between skills intelligence and the design of education and training policies.
A further concern is the imbalance, across strategic documents, between efforts to assess current labour market needs and those aimed at anticipating future skill demands (Table 5.5). While some strategies acknowledge the importance of skills intelligence, they often lack concrete measures for generating or using it, or focus primarily on assessing existing conditions rather than producing forward-looking insights. Without a stronger emphasis on anticipation, Serbia risks falling behind in aligning its education and training systems with the evolving needs of the labour market.
Note: VET: vocational education and training.
Sources: Serbian Ministry of Labour, Employment, Veterans and Social Affairs (2021[39]); Serbian Ministry of Education, Science and Technological Development (2020[6]; 2021[5]); Government of Serbia (2020[40]; 2024[41]).
Historically, Serbia’s skills assessment has relied heavily on employer surveys conducted by the MoLEVSA and the NES. While these surveys have provided valuable labour market information, they have traditionally focused on short-term recruitment needs and on the unemployed—an important target group, but one that does not capture broader sectoral dynamics, emerging industries or evolving occupational demands (European Commission, 2023[38]) Recent developments, however, suggest a shift towards a more forward-looking and comprehensive approach. In 2025, a new survey cycle was launched covering 2 200 employers across eight key sectors16 in Serbia (GIZ, 2025[42]). The survey sought to identify employers’ needs in terms of occupations, knowledge and skills for the period 2025-27, signalling stronger private sector engagement and expanding the focus beyond immediate job placement needs. Its findings are expected to inform the development of a “Catalogue of Trainings for the Needs of the Labour Market,” illustrating how employer surveys can evolve from diagnostic tools into strategic instruments guiding training provision, curriculum development and active labour market policies (Government of Serbia, 2025[43]).
Initial results highlight the type of granular labour market intelligence such surveys can generate. For example, they reveal significant regional variation in labour shortages, with 43.8% of firms in Vojvodina reporting workforce shortages compared to 30.8% in Belgrade, demonstrating the need for geographically differentiated policy responses (GIZ, 2025[42]). At the same time, qualitative skill gaps differ across regions. Employers in Belgrade report markedly higher difficulties in recruiting workers with the required knowledge and skills (76.7%) than firms in other regions, where reported constraints range between 5% and 10%. This suggests that labour demand associated with more knowledge-intensive and higher-value economic activities is placing stronger pressure on skills availability in the capital region. More broadly, employers consistently identify deficits in applied, operational and professional-technical competencies rather than general or transversal skills. The survey also provides forward-looking insights into qualification demand, indicating that intermediate qualification levels (Levels 3 and 4) are expected to account for the majority of employment growth through 2027, reflecting the continued importance of manufacturing, trade and service sectors, which together account for roughly 70% of projected job expansion.
Complementing employer surveys, sector skills councils represent an additional institutional mechanism that could be leveraged more systematically to strengthen skills anticipation and forecasting.17 Twelve such councils have been established to date across a broad range of sectors, including those identified as priorities in Serbia’s Smart Specialisation Strategy (e.g. ICT, agriculture and trade/hospitality/tourism), demonstrating a focus on building skills aligned with competitiveness. Ongoing efforts aim to strengthen the participation of the private sector, including SMEs, by clarifying their role within the councils and communicating the benefits of active engagement.18 By facilitating regular dialogue with employers, these sector skills councils can contribute to improving the responsiveness of the skills system to evolving sectoral demands, supporting better alignment between workforce requirements and the development of qualifications and curricula over time.
In parallel, international partners are also supporting efforts to strengthen Serbia’s forecasting capacities. For example, the United Nations Development Programme (UNDP) has launched a new co-operation with the NES to catalyse institutional transformation and promote a more data-driven approach through the modernisation of analytical capacities. The initiative aims to develop a more advanced labour-market intelligence system capable of generating forward-looking insights into labour-market trends and emerging skills needs at both the national and local levels, with a particular focus on key sectors such as IT, manufacturing and trade (UNDP, 2025[44]).
The case for strengthening skills anticipation becomes even more pressing against the backdrop of the economy’s demographic outlook. The population has been steadily declining, from 7.1 million in 2014 to an estimated 6.6 million in 2024, with projections suggesting a further drop to 5.2 million by 2052 (Statistical Office of the Republic of Serbia, 2025[45]; Government of Serbia, 2025[43]).19 At the same time, Serbia is experiencing rapid population ageing, with the most recent census (2022) revealing that 22% of the population is now aged 65 years or older, marking an increase of nearly 5 percentage points compared to the 2011 census.20 This shift is driven not only by a sustained drop in birth rates, although Serbia did record a historic low in 2024 (Statistical Office of the Republic of Serbia, 2025[46]), but also by steady emigration. In 2024, more than 960 000 Serbian citizens lived abroad, compared to 775 000 in 2015, with an emigration rate of 14% – the lowest in the WBT region,21 but still up from 11% in 2015 (UN Population Division, 2024[47]).
Of note is the composition of this outflow. Migrants from Serbia are more likely to be highly educated compared to those from its neighbouring economies, disproportionately affecting the supply of skilled workers (De Silva, 2024[48]). Additionally, youth continue to express strong emigration aspirations, with one survey reporting that 49% of young people had plans to leave Serbia (Stojanović, Ivković and Kaličanin, 2024[49]). The impact on the private sector is already evident, with 57% of Serbian businesses reporting that brain drain constitutes a moderate or major obstacle to their operations (RCC, 2024[50]).
Taken together, these demographic pressures are narrowing the talent pool and shifting the profile of available skills, making robust, forward-looking skills intelligence not only useful but essential to anticipate future labour market needs and maintain competitiveness.
5.2.2. Addressing skills needs of SMEs through adult education
Building on the importance of skills intelligence in identifying current and future labour market needs, it is equally vital to consider how this information informs the design and delivery of adult education programmes. Ensuring that employed and unemployed individuals alike have access to relevant learning opportunities is key to enabling continuous reskilling and upskilling, especially for SMEs, whose employees often perform diverse roles and therefore stand to benefit significantly from targeted training initiatives.
Yet, while Serbia’s adult learning participation rate of 5.5% in 2024 exceeds the WBT regional average of 3.8%, it remains significantly below the EU average of 13.3% (Figure 5.2). Moreover, Serbia’s adult learning participation rate has seen very little growth over the past decade, with the national average increasing by less than 1 percentage point (compared to more than 3 percentage points in the European Union). Of note, women participate at slightly higher rates than men (6.1% versus 4.9%), suggesting a defined willingness to engage in skill development – an encouraging sign for broader efforts to strengthen women’s economic participation.
Note: WBT: Western Balkans and Türkiye; EU: European Union.
Sources: Eurostat (2025[51]); OECD (2025[52]).
At first glance, the relatively low adult learning participation rates observed in Serbia might be interpreted as the economy’s limited need for further skills development, especially considering two key indicators: the economy recorded one of the lowest long-term unemployment rates in the WBT region in 2024 (4.0%),22 and 75% of its labour force has attained at least an upper secondary education level, approaching the EU average of 77.4% (OECD, 2025[52]). While these figures point to a well-educated workforce and stable employment, they obscure deeper structural challenges that underscore the necessity for continuous skills enhancement. A 2025 survey revealed that 40% of employed individuals felt they needed to strengthen their skills to perform their jobs effectively (ETF, 2025[53]). Firm-level data reinforces this picture: one survey23 found that only 38.6% of SMEs in Serbia report that training to upgrade employees’ skills is systematically integrated into their business practices, while roughly half do so only to a limited extent and 11.9% not at all (Center for Advanced Economic Studies, 2024[54]). These results suggest that SME training is largely reactive, informal and uneven, indicating that existing qualifications alone are insufficient to ensure effective skills utilisation, and highlighting the importance of accessible adult learning for both workers and employers.
While unemployed individuals in Serbia can access a variety of free training programmes through the NES, employed individuals typically rely on non-formal learning opportunities, most of which are self-financed. This poses a significant financial barrier to participation, particularly for low-skilled workers who often have the greatest need for upskilling but the least disposable income. No comprehensive public schemes (e.g. loans, vouchers, scholarships) exist to offset the cost of non-formal training for the employed. One exception is a provision under the most recent Action Plan of the Employment Strategy 2021-26, which allows employers to apply for partial reimbursement of training expenses when employees lack the skills required for their current roles (Serbian Ministry of Labour, Employment, Veteran and Social Affairs, 2024[55]). However, this is the only broadly available labour market measure for employed individuals, as most public funding remains targeted at hard-to-employ groups such as the long-term unemployed, youth or persons with disabilities. While targeted support for these groups is important for inclusivity, the lack of broader financial support mechanisms constrains training participation, particularly among SMEs, as reflected in the fact that only 15% of firms in Serbia provide formal training for permanent, full-time employees (World Bank, 2025[56]).
In addition to cost-related barriers, access to relevant training remains uneven, particularly for programmes designed to help SMEs navigate major structural changes, including the green and digital transitions. In terms of digital skills, Serbia has made considerable progress in expanding the availability of upskilling programmes (see Cluster 3). However, expanded provision has not translated into broad participation: only 11% of employees in Serbia have taken part in training aimed at developing digital skills (ETF, 2025[53]). Moreover, whereas considerable gains have been achieved in provision targeting advanced technical competencies (e.g. coding, data analysis, software development), a need for a more concerted focus on foundational digital literacy is evident: indeed, only 42% of adults in Serbia possessed at least basic digital skills in 2025 (Eurostat, 2026[57]). The broader availability of advanced skills training risks widening disparities between firms with existing ICT talent, which can take full advantage of upskilling, and those without, which face fewer opportunities to enhance their workforce capabilities.
This imbalance also reinforces sectoral divides: advanced skills are largely concentrated in ICT, while other key sectors with significant potential for productivity and innovation remain underserved. Agriculture provides a clear illustration. SMEs are increasingly expected to adopt digital tools and more advanced technologies to remain competitive; however, in-demand digital profiles tend to require tertiary education and specialised skills, such as those in engineering, computer science and software development, while many SMEs in this sector have lower levels of formal education and more limited access to advanced digital training (ETF, 2022[58]). This suggests a growing risk of misalignment between the skills required by agri-food SMEs and the current absorptive capacities of their workforces. As a result, while digital skills provision is relatively well developed in Serbia overall, greater alignment is needed between training offers, sector-specific needs and the skills levels of SMEs that are expected to drive adoption.
In contrast, skills development for the green transition remains far less advanced, despite its growing urgency. This gap is particularly noteworthy in light of Serbia’s ongoing decarbonisation agenda and the anticipated phase-out of fossil fuels (see Cluster 2), which is expected to lead to significant labour market disruptions. Indeed, roughly 20% of jobs in Serbia are considered “at risk” from the green transition, either because they are highly polluting (“brown” jobs) or because they will require significant changes in tasks (World Bank, 2025[59]). The coal sector alone employs more than 25 000 workers, many of whom face a high risk of displacement (Spasić, 2025[60]). The government has begun to acknowledge the scale of this challenge, most recently through the adoption of a draft Just Transition Action Plan; among other objectives, the plan includes commitments to assess reskilling and upskilling needs among workers in domestic enterprises (Government of Serbia, 2025[61]). In the absence of a comprehensive national reskilling framework, some donor-funded initiatives have sought to fill the gap. Notably, the UNDP’s “Just Green Transition and Decarbonisation in Serbia” project provided training for 110 individuals to prepare them for employment in green sectors (UNDP, 2023[62]). While this represents a positive development, it remains modest compared to the tens of thousands of jobs likely to be affected. GIZ24 and the Chamber of Commerce25 are implementing other pilot initiatives; however, these efforts are not systematic, and their scope, continuity and overall impact remain limited and largely unassessed.
Importantly, the green transition is expected not only to eliminate jobs in traditional sectors but also to create new ones, particularly for SMEs working in construction and the management and maintenance of renewable energy infrastructure. However, these very sectors are already experiencing acute labour shortages. MoLEVSA has flagged occupations such as construction workers and electrical engineers as deficit occupations, prompting the establishment of a new working group to identify and address these gaps (Serbia Business, 2025[63]). Without significant investment in future-oriented skills development, Serbia risks a dual challenge: job losses in declining sectors alongside unmet labour demand in growing ones.
Micro-credentials offer a promising potential avenue for supporting upskilling and reskilling in response to evolving labour market needs,26 as their short duration and targeted focus can help individuals quickly adapt to emerging skills demands while also increasing the accessibility of training for a more diverse talent pool. In Serbia, amendments to the Law on Higher Education in 2025 introduced micro-credentials, offering a clear definition27 and underscoring their role in supporting lifelong learning. However, while the reform signals a positive step toward more flexible lifelong learning pathways, the legal framework lacks detailed implementation guidance. Key aspects remain undefined, including standards for programme content, certification requirements and links to the National Qualifications Framework (see Regional Profile).
5.2.3. Upskilling to support AI adoption and use
Artificial intelligence (AI) is rapidly transforming skill requirements across industries, with 32% of global professions expected to undergo significant change, making workforce upskilling essential for SMEs to remain competitive (European Commission, 2024[64]). Similar shifts are anticipated in Serbia: by 2030, approximately 70 000 existing jobs are expected to be automated and therefore lost, while 130 000 new positions are projected to emerge (Jovanović, 2025[65]). This dramatic transformation underscores the need for the labour force to acquire the skills required to adapt to these changes and seize new employment opportunities.
Training programmes generally fall into two categories: those focused on developing specialised AI knowledge and skills,28 and those aimed at equipping the average worker with the general skills needed to use and interact with AI technologies (e.g. digital literacy, analytical thinking, creativity) (OECD, 2023[66]). Serbia has established initiatives in both areas (Table 5.6), with provision led by institutions such as the Centre for Digital Transformation and the Serbian European Digital Innovation Hub on AI. Public provision is complemented by a growing number of private courses, meaning that training supply is increasingly available outside the workplace. Given that only 20% of Serbian companies organised or planned AI training in 2025 (Rakic, 2025[67]), access to upskilling often depends on individuals’ ability to navigate this expansive training landscape and select options that match their needs.
Sources: S4AI_Hub (n.d.[68]); Centre for Digital Transformation (n.d.[69]); information provided by the Serbian government during the assessment period.
While many AI-related training programmes are available, few are tailored to the specific needs of SMEs in individual sectors.29 Evidence suggests this gap is consequential: one study found that the skills most likely to be made redundant by AI are manual in nature, with the manufacturing sector especially affected (OECD, 2023[66]). This disproportionate impact has clear implications for Serbia, where manufacturing accounted for 13% of GDP in 2023 (World Bank, 2025[70]). As AI adoption accelerates, the sector faces a critical turning point: it holds the potential to advance a human-centred “Industry 5.0” model30 or, alternatively, to exacerbate exclusion for those unprepared for technological change. As automation deepens, workers will increasingly need to transition from manual roles to tasks involving machine programming, supervision and control. This shift presents particular challenges for low-skilled and older workers, both of whom face greater barriers to reskilling and digital upskilling.
For instance, low-skilled workers are often concentrated in repetitive and highly automatable roles, yet tend to have limited digital competencies. In 2025, only 25.7% of individuals with low formal education in Serbia had at least basic digital skills, compared to 59.7% among those with higher educational attainment (Eurostat, 2026[71]). Older workers face similar digital skill gaps: just 16.9% of individuals aged 55-74 had basic digital competencies, well below the national average of 42% (Eurostat, 2026[57]). This challenge is especially relevant in Serbia, where older individuals now account for a growing share of the workforce in traditional manufacturing sectors – a trend partly driven by younger generations increasingly opting for tech-oriented and digital professions (UNDP, 2025[44]).
Without targeted reskilling and upskilling measures, existing structural imbalances risk further deepening labour market vulnerabilities. Yet despite the clear need, public incentives to support participation in AI‑related training, particularly for those SME employees most exposed to AI-driven disruption, are non‑existent. Cost remains a major barrier to adult learning, with both direct expenses (such as tuition fees and materials) and opportunity costs (such as time away from work) discouraging participation (OECD, 2025[72]). Without financial incentives to offset these costs, it is unlikely that those most at risk, who also tend to engage in adult learning at lower rates, will take part in training, despite the potential long-term benefits for their employability and resilience.
5.2.4. Improving talent availability by empowering women entrepreneurs
Given the persistence of skills imbalances in Serbia, the underutilisation of women’s entrepreneurial potential remains a structural constraint to building a highly skilled, inclusive workforce. Women continue to be underrepresented in the labour market, with an employment rate more than 10 percentage points lower than that of men (60.8% vs. 71.7%,31 respectively) (Eurostat, 2025[73]). Moreover, although women make up 51.4% of the population, they accounted for just 34% of all entrepreneurs in Serbia in 2023 – an increase from 29% a decade earlier, but still indicative of slow progress toward gender parity in entrepreneurship.32
Serbia maintains a strong policy focus on supporting women entrepreneurs. While there is no standalone national strategy specifically for women’s entrepreneurship, the topic features prominently across several key strategies related to women’s economic empowerment (Table 5.7). At the local level, gender perspectives are also increasingly integrated into policy planning: two-thirds of local self-government units report that their strategic documents address women’s employment and entrepreneurship (Đuričin and Beraha, 2024[74]).
Note: MSME: micro, small and medium-sized enterprises.
Sources: Government of Serbia (2021[39]; 2021[75]); Serbian Ministry of Economy (2024[76]).
However, one key shortcoming in the current policy landscape is the limited integration of women’s entrepreneurship into strategies where targeted support could be both relevant and impactful. Major frameworks (e.g. the Smart Specialisation Strategy, the Strategy for the Development of Artificial Intelligence 2025‑2030, the Strategy for the Development of the Information Society and Security 2021‑2026) either omit women’s entrepreneurship entirely or address it only superficially. This peripheral treatment represents a missed opportunity and may exacerbate the broader European challenge of “missing women entrepreneurs”.
In high-growth, high-wage and innovation-intensive sectors such as ICT and STEM, greater participation of women could help reduce persistent gender gaps. Despite strong female representation among graduates, women remain under-represented in the workforce and entrepreneurship, reflecting a “leaky pipeline” where female graduates disproportionately fail to enter or advance in the labour market (Nikolić et al., 2023[77]). Some progress has shifted women-owned businesses toward higher-value, knowledge-intensive sectors, yet “sectoral segregation” persists (Popovic, Ravic and Stojkovic, 2024[78]), with a substantial share of women entrepreneurs concentrated in lower-value-added activities such as wholesale and retail trade (around 25%), accommodation and catering and administrative services (Figure 5.3).
Percentage
Source: SeConS (2023[79]).
Beyond the policy focus, Serbia has also implemented a range of concrete support programmes to promote women’s entrepreneurship, with a key priority being improved access to finance (Table 5.8). Securing bank loans from traditional financial institutions remains challenging for many women, as most loans require collateral (see Cluster 1). This is not primarily due to a lack of access to basic financial services: women’s bank account ownership is relatively high, with 81.1% of women aged 15 and over having an account in 2024, compared to 85.7% of men (World Bank, 2025[80]). Instead, the gap stems largely from structural barriers: a relatively small proportion of women own property in Serbia – only 25.6% hold sole ownership of immovable property, and 12.8% co-own – significantly restricting their ability to use property as collateral to access financing (SeConS, 2023[79]).
Sources: NALED (2025[81]); information provided by the Serbian government during the assessment period.
While programmes facilitating grants, loans and credit lines offer important support, they do not fully address the broader challenges women entrepreneurs face in accessing finance. Even when property is available for collateral, many women lack financial literacy or sufficient knowledge of the obligations and documentation (e.g. financial statements, tax returns, business plans) required to obtain external financing. One survey found that 54% of women entrepreneurs identified a lack of familiarity with financial regulations as a significant barrier to starting a business (SeConS, 2023[79]). To address this gap, initiatives like the Programme for Entrepreneurship and Self-Employment Promotion have been introduced, including a 5‑day training on business and investment plan development organised by the Chamber of Commerce and Industry in which 547 women took part.33 Regional development agencies also offer a one-day training module on business plan preparation and financial management, which, while not gender-specific, remains accessible to women seeking additional support.
Despite gradual improvements in the enabling environment, women in Serbia continue to face structural challenges that suppress their overall entrepreneurial activity and delay the start of ventures, often until caregiving responsibilities have diminished.34 One example is the less favourable treatment of self‑employed women for maternity benefits. While both groups are entitled to 12 months of maternity leave, the basis for calculating benefits differs markedly. Salaried employees receive compensation based on their actual average earnings over the previous 18 months (including bonuses and allowances).35 Self-employed women receive benefits calculated from the declared contribution base on which they paid taxes and social contributions during the same period, divided by 1.5 – a figure that may be lower than their real earnings because it reflects an administratively chosen base rather than actual income. Furthermore, unlike salaried employees, women entrepreneurs are not entitled to a guaranteed minimum allowance, and social security contributions are not covered, potentially reducing pension accrual. This discrepancy has been highlighted as discriminatory, perpetuating inequalities between “standard” and “non-standard” employment categories, even when prior earnings were comparable (Pantelić, 2022[82]).
Another significant barrier is the inaccessibility of childcare, which presents particular challenges for women entrepreneurs, especially in the early stages of business development. In rural areas, the scarcity of childcare options beyond preschool restricts women’s ability to balance caregiving with entrepreneurial responsibilities. In urban centres, although childcare options are more plentiful, affordability remains an issue due to the lack of sufficient public, state-funded provision, forcing many to rely on costly private services, which places a financial strain on aspiring women entrepreneurs. While some municipalities, such as Belgrade, have introduced targeted subsidies (i.e. offering monthly support of RSD 33 000 (approximately EUR 280) for families whose children were not admitted to state kindergartens (Jovanovic, 2025[83])), these initiatives remain unstandardised and lack national regulation. In both settings, this childcare gap contributes to time constraints, with 56% of women entrepreneurs citing lack of time as a key reason for not participating in additional training to develop essential skills and knowledge (SeConS, 2023[79]).
The way forward
Establish a national skills intelligence framework to integrate government efforts and promote forward-looking planning. Serbia could consider developing a centralised framework that clearly defines institutional roles and mandates for collecting, analysing and applying skills intelligence. Strengthening co-ordination between key public sector institutions (e.g. MoLEVSA; the Ministry of Education, Science and Technological Development; the NES) and private sector stakeholders, represented through sector skills committees, is essential to ensure that insights are shared across institutions and systematically inform policy decisions. In parallel, the government could consider mainstreaming skills intelligence across strategies beyond employment policy alone (e.g. education, innovation, SME development), with efforts better balancing short-term labour market assessments with long-term anticipation tools that account for technological, demographic and structural transitions.
Ensure that skills intelligence is developed on a sectoral basis, aligned with priority domains identified under the Smart Specialisation Strategy, so that forecasting, training needs analyses and policy responses reflect differentiated skills demand across key growth sectors rather than relying solely on economy-wide averages.
Increase the attractiveness and accessibility of adult learning to support lifelong employability. Namely, Serbia could reduce cost and access barriers by expanding broad-based financial incentives for adult learning, particularly in non-formal education where participants often self-finance. Instruments such as training vouchers, subsidies or shared-cost models co-financed by employers could help extend participation, especially among SMEs and low-skilled workers. One possibility is establishing a tiered support system, offering higher levels of reimbursement for smaller enterprises that typically have more limited internal training budgets but stand to benefit significantly from upskilling (e.g. 30% cost coverage for small firms versus 20% for larger ones). Belgium’s SME e-wallet scheme (Box 5.4) offers a useful model. However, it is crucial that these financial incentives be paired with other interventions, such as career counselling or accessible learning formats (e.g. online or hybrid learning) to encourage participation among workers who are underrepresented in the labour market.
Expand sector-specific artificial intelligence training tailored to manufacturing and other high-impact sectors. To ensure inclusive AI adoption, Serbia should scale up training programmes that address the distinct skills needs of those sectors the most affected by automation, particularly manufacturing. Special attention needs to be paid to upskilling populations more vulnerable to labour market exclusion (e.g. low-skilled and older workers) by offering flexible learning formats and incorporating basic digital skills and AI literacy as foundational components.
Ensure stronger policy alignment by mainstreaming women’s entrepreneurship into sectoral and innovation strategies. Given that women’s entrepreneurship is still insufficiently reflected in some key policy frameworks, the government should integrate specific targets and support measures for women entrepreneurs into the Smart Specialisation Strategy, AI Strategy, and Information Society Strategy, particularly in high-value-added sectors such as ICT, AI and green technologies. This could include the systematic use of gender-disaggregated targets and indicators across strategies, alongside measures tailored to underrepresented groups of women, including those in rural areas and Roma women, to ensure more inclusive participation.
The Flemish government introduced the “SME e-wallet” subsidy scheme to encourage investment in human capital development among small and medium-sized enterprises (SMEs). Through this programme, eligible SMEs can receive up to EUR 7 500 annually to support employee training and advisory services. The subsidy covers 30% of eligible costs for small enterprises and 20% for medium-sized ones, with higher rates (45% and 35%, respectively) available for services linked to priority themes such as sustainability (e.g. energy efficiency) and digitalisation (e.g. cybersecurity).
The programme has seen widespread uptake: in 2024 alone, more than 54 400 Flemish SMEs received support, for a total of EUR 43.5 million and reaching over 212 000 entrepreneurs and SME employees. Most projects (97%) focused on training, particularly the development of profession-specific competencies. An external evaluation found that the programme had a positive impact on performance, with each euro of subsidy generating an estimated two euros in productivity gains for smaller SMEs.
This type of flexible, co-financed training support could serve as a useful model for Serbia as it seeks to expand participation to adult learning initiatives to upskill the workforce and strengthen SME competitiveness.
Sources: Flanders Innovation & Entrepreneurship (2025[84]; 2025[85]; 2024[86]); SMEunited (n.d.[87]).
Strengthen maternity leave benefits and childcare access to support women’s entrepreneurship. The government could align maternity protection frameworks to ensure that self-employed women receive benefits comparable to those of salaried employees, thus reducing the financial risks associated with entrepreneurship. This could include amending the Law on Health Insurance to allow women entrepreneurs to keep their businesses operational through an appointed manager while retaining full maternity and childcare benefits. In parallel, revisions to the Law on Mandatory Social Security Contributions could ensure that contributions are covered by the state during maternity leave, enabling uninterrupted pension accrual, in line with protections available to employed mothers. Additionally, amendments to the Law on Financial Support to Families with Children should guarantee that female entrepreneurs receive at least the equivalent of the minimum wage during maternity leave. Alongside these legal reforms, Serbia should expand access to affordable childcare through a nationally co-ordinated system that increases service availability, particularly in rural areas, and provides targeted financial support, such as subsidies or tax incentives.
Establish targeted intervention through comprehensive support programmes for female entrepreneurs in ICT and STEM sectors. The government is encouraged to lead a multi-stakeholder initiative partnering with universities, technology hubs and private sector actors, building in sustainability and scale. The programme could deliver integrated support combining technical skills development, mentorship from established tech entrepreneurs, structured networking opportunities and dedicated access to finance mechanisms including connections with women venture capitalists and angel investors. The initiative would strengthen participants' digital, entrepreneurial and leadership competences through programmes tailored to address the specific challenges women face in tech sectors. Critical elements would include accelerators and incubators for women-led ventures, facilitating international market entry through partnership programmes and creating peer learning networks to combat isolation in male-dominated sectors. Implementation needs to prioritise flexible delivery methods accommodating work-life balance constraints and childcare support during training events and establish dedicated funding streams with reduced collateral requirements.
Against a backdrop where rapidly evolving global markets outpace the capacity of Serbia’s education and training systems to deliver a fully skilled workforce, it is evident that human capital development on its own is insufficient: for SMEs, which often struggle with limited financial and human resources, developing and leveraging social capital – the networks, trust and shared norms that underpin co-operation and resilience –is essential.
The social economy36 offers an important vehicle for SMEs in Serbia to both build and benefit from social capital. By participating in these networks, businesses can access alternative knowledge flows, share resources and co-develop innovative solutions to economic and social challenges. While the social economy is gaining significant traction globally, with over 4.3 million organisations and 6.3% of the workforce in Europe alone (European Commission, 2025[88]), it remains in its nascent stages in Serbia, presenting both challenges and opportunities for broader uptake and integration.
Against this backdrop, this section examines the key building blocks for strengthening the social enterprise ecosystem, focusing on improved mapping alongside the development of a more supportive legal and institutional environment.
5.3.1. Mapping the social enterprise landscape
Understanding the structure and scope of the social enterprise landscape is a necessary first step in fostering the development of the broader social economy. As of March 2026, only 26 social enterprises were officially registered in Serbia – a figure that is low for the economy’s relative size (for comparison, Bulgaria, with a similar population, has approximately 3 700 registered social enterprises).37 However, this marks progress from just a single registered enterprise in 2022.38
Importantly, this figure reflects only those registered (i.e. de jure) in Serbia’s Register of Social Enterprises. As such, the official number likely underrepresents the actual landscape of social entrepreneurship, with estimates suggesting that approximately 500 de facto social enterprises currently operate in Serbia (NALED, 2024[89]). While this is still below the levels observed in comparable EU countries, this discrepancy points to two key challenges: (1) many eligible enterprises have yet to pursue formal registration; and (2) the scale and composition of the social enterprise landscape remain difficult to monitor due to limited documentation. Compounding the challenge, the Register itself contains only basic information, limited to enterprise names and their municipalities or towns of operation. No data are available on the sectors in which they operate, number of employees or other characteristics that would enable a more comprehensive understanding of the landscape.
Yet, despite these gaps, there is clear evidence that social entrepreneurship is gaining ground in Serbia. Social enterprises are emerging across a wide range of missions, with many working to enhance equity and inclusion by delivering goods and services for disadvantaged populations and by disproportionately employing individuals from these groups. Among these diverse missions, women’s empowerment, particularly among key groups such as Roma women and women in rural areas, stands out as a particularly prominent focus (Box 5.5).
Women are more likely to lead in the social economy than in traditional entrepreneurship, a trend that can be observed across many countries and economies (OSCE, 2024[90]) and Serbia is no exception. One survey found that over 90% of women managing associations in Serbia identify as social entrepreneurs (Tešić and Radetić, 2023[91]). At the same time, women are also among the main beneficiaries of the sector: a growing number of social enterprises in Serbia focuses explicitly on improving economic opportunities for women:
Good Bag: this enterprise exclusively employs older women from rural areas who do not have steady employment and thus have irregular and/or low income. They create and sell bags, with all proceeds from the sale going to the women, with the aim of improving their economic empowerment.
Radanska Ruza: this non-profit seeks to employ difficult-to-employ categories of women, namely older women (aged 45+) or women from rural areas. Employed women pick and process fruits and vegetables to create and sell traditional goods (ajvar, jams, sweets).
“Women’s Conversation”: this women’s association brings together women’s associations from five villages (Belo Blato, Boka, Iđoš, Lazarevo and Mokrin). It seeks to empower women and develop their entrepreneurial spirit, particularly among women in rural areas engaged in traditional crafts.
BIO IDEA: this social enterprise supports women entrepreneurs, rural households and local communities in developing sustainable, circular-economy-based businesses. Through mentorship, training and ongoing advisory support, BIO IDEA helps beneficiaries adopt practices such as bio-waste management and zero-waste production while developing ecological products, including soaps and traditional food products such as jams and ajvar.
In some cases, the mission of women-focused social enterprises also extends to supporting other disadvantaged or excluded groups:
Women on the Way: this social enterprise employs female asylum seekers from the Middle East who reside in Serbia. The employed women sew clothes and accessories inspired by their cultures, and 50% of the profits go to them.
Sources: OSCE (2024[90]); Balkan Green Foundation (n.d.[92]).
5.3.2. Creating an enabling environment for social enterprises
Some of the progress observed is linked to recent improvements in the legal framework. Adopted in February 2022, the Law on Social Entrepreneurship offers a broad and inclusive definition of social entrepreneurship which extends beyond the employment of socially vulnerable groups to encompass broader social impact areas, including environmental protection and rural development (Government of Serbia, 2022[93]). To obtain formal “social enterprise” status, businesses must register with the Business Registers Agency and demonstrate compliance with core criteria related to governance, social mission and profit distribution. Notably, Serbia also allows social enterprises to register under various legal forms.39 This regulatory flexibility is especially important for supporting an emerging sector, as it accommodates diverse business models without imposing overly rigid definitions that could hinder growth (OECD, 2022[94]).
Despite Serbia’s relatively well-developed legal framework for social enterprises at the national level,40 several key provisions remain unimplemented in practice, either due to missing bylaws or misalignment with related legislation, limiting the extent to which the law delivers tangible benefits (Table 5.9). This ambiguity surrounding how to access the benefits outlined in relevant laws creates legal and procedural uncertainty which can discourage SMEs from formally registering as social enterprises, thus contributing to the aforementioned gap between de jure and de facto entities.
While Serbia’s legislative framework provides a strong formal basis for the development of social enterprises, the absence of accompanying operational measures has constrained its impact, particularly in the area of targeted support programmes. The Law on Social Entrepreneurship foresees the adoption of a Social Entrepreneurship Development Programme to define active support instruments for the sector. Although experts prepared a draft and submitted it to the Ministry of Labour, Employment, Veteran and Social Affairs,41 the Programme has not yet been operationalised,42 and the statutory deadline for its adoption in 2022 has passed. While entities have been able to apply for formal registration as social enterprises since the law entered into force, uptake has remained limited. Many organisations have postponed registration due to the additional reporting and compliance requirements associated with formal status, particularly in the absence of guaranteed access to the support measures that the programme is intended to introduce.
One notable gap hindering the overall development of the social enterprise ecosystem is in business skills development. In one survey, half of all social enterprises operating in Serbia reported a need to strengthen core business competencies such as marketing, organisational management and financial planning (Chamber of Commerce and Industry of Serbia, 2020[96]). Despite this clear demand, there are few targeted training opportunities to build the specific skillsets required to launch, manage and scale social enterprises. For instance, the Development Agency of Serbia only began delivering social entrepreneurship training in 2025, following delays in project implementation.43 However, the programme is not yet standardised, and there is no evidence to date regarding its effectiveness or the level of interest it generates. Similarly, the Danube4SEecosystem project44 includes a five-day training programme for social enterprises, although its outcomes have not yet been systematically assessed.
Existing support programmes are not always well aligned with the different stages of the enterprise lifecycle. Newly established enterprises often need support navigating the registration process and acquiring formal “social entrepreneur” status, while more mature enterprises may require tailored coaching on market expansion, accessing grants or loan programmes, and improving operational efficiency. Recent initiatives, however, signal progress in addressing these gaps. For example, the Network of Advisors of the Chamber of Commerce and Industry of Serbia provides targeted guidance to social enterprises, supporting both early-stage enterprises seeking to obtain official status and more established organisations aiming to refine business models or promote their products and services (Chamber of Commerce and Industry of Serbia, n.d.[97]). In addition, the campaign “Social Entrepreneurship: A Solution for a Better Tomorrow”, implemented by NALED with support from the Swedish International Development Co-operation Agency, helps prospective social enterprises understand the criteria, procedures and benefits associated with obtaining formal status (NALED, 2024[89]).
Limited awareness and visibility further compound these challenges. Social enterprises often lack the marketing and promotional skills needed to effectively communicate their value, raise awareness and attract support. Evidence suggests that this represents a widespread structural challenge: over 75% of social enterprises in Serbia report needing assistance to promote their products and services (Chamber of Commerce and Industry of Serbia, 2020[96]). In response, several initiatives have emerged to strengthen sector visibility and market access (Table 5.10). These initiatives demonstrate growing recognition among public institutions, business associations and private sector actors of the role social enterprises can play in supply chains, public procurement and inclusive economic development. However, most initiatives remain project-based, donor-driven or one-off promotional efforts rather than components of a co-ordinated, long-term market development strategy.
Source: inputs from colleagues from NALED and the Chamber of Commerce and Industry.
The way forward
Strengthen implementation and strategic governance of the social entrepreneurship framework. The government should accelerate the adoption of the Social Entrepreneurship Development Programme to provide a clear roadmap for implementing the Law on Social Entrepreneurship and aligning policy priorities, financing instruments and support measures. The Programme should include a comprehensive package of support measures, combining financial incentives (e.g. grants, tax relief, subsidised loans and credit guarantees) with non-financial support, including mentoring, incubator programmes and professional service vouchers. In parallel, the institutional framework should be reinforced by updating or adopting a decision establishing the Council for Social Entrepreneurship with balanced representation of public institutions, private sector actors and civil society organisations. Establishing a permanent national-level co-ordination mechanism involving donors, local governments and ecosystem stakeholders would further improve policy coherence, reduce fragmentation of support initiatives and mobilise additional financial and technical resources.
Develop and implement a dedicated communication strategy to raise the visibility and recognition of social enterprises. The strategy should define clear and measurable objectives, such as increasing public awareness of the social economy, strengthening the digital presence and storytelling capacity of social enterprises and improving recognition of their social and environmental contributions. It should also identify and tailor outreach to key target audiences, including social enterprises themselves, the Chamber of Commerce and Industry of Serbia, investors, public institutions and the wider public. Communication efforts should highlight concrete success stories that demonstrate their impact at the community level.
Increase the effectiveness and uptake of the social enterprise register. Improving the accessibility, functionality and policy relevance of the Register of Social Entrepreneurship Entities should be prioritised, including by making it publicly accessible and aligned with transparency standards applied to other business registers. Dedicated registration support services should also be introduced to help businesses navigate the process of obtaining social enterprise status. This could include providing step-by-step legal guidance, assistance in preparing documentation and clear communication of the benefits associated with formal registration. Strengthening both the usability of the register and support for prospective applicants could help close the gap between de facto and registered social enterprises by reducing administrative barriers and improving the visibility and monitoring of the sector.
Strengthen demand-side support through public procurement and access to public assets. The government should expand market access opportunities for social enterprises by introducing reserved public procurement schemes for selected goods and services where social enterprises have comparative advantages, in line with EU guidance on socially-responsible public procurement (European Commission, n.d.[98]). Complementary measures could include providing preferential access to publicly owned business premises, such as reduced rental rates for social enterprises delivering social services or community-based activities. These instruments would create stable revenue streams, improve financial sustainability and further strengthen incentives for formal registration.
Clarify and streamline social impact reporting obligations. One key priority should be the adoption of comprehensive bylaws detailing the format, content, submission process, and public dissemination requirements for the biennial social impact reports mandated under the Law on Social Entrepreneurship. Developing standardised templates and offering technical guidance would ease the reporting burden, particularly for SMEs with limited administrative capacity. These could be hosted in a publicly accessible digital registry and reporting platform to streamline report submission, create a database of social impact data, and increase visibility. To achieve this, it is recommended that the Council for the Development of Social Entrepreneurship accelerate its efforts to adopt a Regulation on the Impact Reporting of Social Entrepreneurship Entities.
Establish a monitoring and evaluation mechanism for the Law on Social Entrepreneurship. The government should establish a structured process to regularly assess the implementation and effectiveness of the law that is in line with OECD good practices (Box 5.6). Specifically, the assessment could identify areas where the law is falling short of its intended objectives, address legal or procedural ambiguities, and adapt support measures to better reflect the evolving needs of social enterprises, especially given the early stage of ecosystem development. Findings from this process may inform the development of supplementary policies or adjustments to improve the framework’s overall impact.
Although assessing the design and impact of social enterprise laws is essential, it remains relatively limited across the European Union. Nonetheless, several member states have emerged as good practice examples:
Luxembourg: The 2016 Law on Societal Impact Companies, which specifically regulates social enterprises, includes a mandatory evaluation requirement. It stipulates that the law be reviewed within three years of its enactment. This provision allows policymakers to assess the law’s effectiveness, identify gaps and adjust the framework to better respond to the evolving needs of social enterprises in the country.
France: Similarly, France’s 2014 Law on the Social and Solidarity Economy requires a review every two years. The law’s first assessment, conducted in 2016, concluded that procedures needed to be simplified and that funding mechanisms and fiscal incentives should be clarified to more effectively encourage the adoption of the “socially responsible company” (entreprise solidaire d’utilité sociale).
For Serbia, where the legal framework for social entrepreneurship is still evolving, these examples highlight the value of embedding regular review mechanisms into legislation. Establishing periodic assessments would not only ensure laws remain responsive to the needs of social enterprises but also provide an evidence base to guide adjustments and strengthen policy effectiveness over time.
Source: OECD (2022[94]).
References
[92] Balkan Green Foundation (n.d.), Serbia – Social Enterprises Map, https://socialenterprisesmap.org/listing-category/serbia/?_social_filter=serbia&_type=diversity-and-inclusion (accessed on 11 July 2025).
[33] Banha, F. et al. (2025), “A critical analysis of the Portuguese Framework for entrepreneurship education considering the EntreComp competence framework”, Entrepreneurship Education, Vol. 8, pp. 1-28, https://doi.org/10.1007/s41959-025-00135-y.
[37] CEDEFOP (2024), Next Generation Skills Intelligence for More Learning and Better Matching: Skills Anticipation Trends, Opportunities and Challenges in EU Member States, European Centre for the Development of Vocational Training, Thessaloniki, Greece, https://www.cedefop.europa.eu/files/9190_en.pdf.
[54] Center for Advanced Economic Studies (2024), Complete Indicator Overview, SME Compass, https://mspkompas.rs/explore-sme-compass-index/indicators (accessed on 19 December 2025).
[36] Center for Advanced Economic Studies (2024), “MSP Kompas”, web page, https://mspkompas.rs/about-us (accessed on 19 December 2025).
[69] Centre for Digital Transformation (n.d.), “Trainings with certifications: AI manager”, https://cdt.org.rs/en/trening-centar-ai-manager (accessed on 19 December 2025).
[22] Chamber of Commerce and Industry of Serbia (2025), “Education tailored to the economy”, https://dualnoobrazovanje.rs (accessed on 25 July 2025).
[96] Chamber of Commerce and Industry of Serbia (2020), Analysis of Challenges and Initiatives to Improve Business Operations Tailored to Social Enterprises, https://api.pks.rs/storage/assets/Izazovi%20i%20inicijative%20za%20unapre%C4%91enje%20poslovanja%20po%20meri%20socijalnih%20preduze%C4%87a.pdf (accessed on 11 July 2025).
[97] Chamber of Commerce and Industry of Serbia (n.d.), Centre for Support Programmes for Economy and Micro, Small and Medium Enterprises, https://pks.rs/strana/mmspd (accessed on 6 March 2026).
[48] De Silva, S. (2024), Labour Migration in the Western Balkans: Consequences for the Region’s Democratic Life, Foundation for European Progressive Studies, Brussels, https://feps-europe.eu/wp-content/uploads/2024/04/The-Western-Balkans-labour-migration-1.pdf.
[26] Development Agency of Serbia (2020), Inmold plast – Serbian company engaged with high technology, https://ras.gov.rs/en/inmold-plast-serbian-company-engaged-with-high-technology (accessed on 6 January 2026).
[4] Development Fund of Serbia (2025), “Young people in the campaign of the Development Fund have shown a high interest in entrepreneurship”, https://fondzarazvoj.co.rs/%d0%bc%d0%bb%d0%b0%d0%b4%d0%b8-%d1%83-%d0%ba%d0%b0%d0%bc%d0%bf%d0%b0%d1%9a%d0%b8-%d1%84%d0%be%d0%bd%d0%b4%d0%b0-%d0%b7%d0%b0-%d1%80%d0%b0%d0%b7%d0%b2%d0%be%d1%98-%d0%bf%d0%be%d0%ba%d0%b0%d0%b7%d0%b0 (accessed on 24 July 2025).
[74] Đuričin, S. and I. Beraha (2024), “Promoting economic inclusivity in Serbia: Recommendations for enhancing national and local policies in women’s entrepreneurship”, Journal of Women’s Entrepreneurship and Education, Vol. 2024/3/4, pp. 138-159, http://ebooks.ien.bg.ac.rs/2129/1/1870-Article%20Text-9152-1-10-20240918.pdf.
[53] ETF (2025), Bridging the Skills Gap: Embracing Digital Transformation: Key Findings from the European Skills and Jobs Survey in the Western Balkans, European Training Foundation, Turin, Italy, https://www.etf.europa.eu/sites/default/files/2025-02/2025.01316_01_ENN.pdf.
[35] ETF (2025), Key Policy Developments in Education, Ttraining and Employment: Serbia, European Training Foundation, Turin, Italy, https://www.etf.europa.eu/sites/default/files/2025-01/Country%20Fiche_Serbia_2024_EN_web.pdf.
[58] ETF (2022), Identifying Technological Changes and Skills Needs in the Western Balkan Agri-food Sector: Summary Report – Serbia, European Training Foundation, Turin, Italy, https://www.etf.europa.eu/sites/default/files/2024-10/Serbia%20Country%20Report_v4.0%20%281%29.pdf.
[88] European Commission (2025), “About social economy”, https://social-economy-gateway.ec.europa.eu/about-social-economy_en (accessed on 12 July 2025).
[3] European Commission (2024), EAfA: Transversal Skills in Apprenticeships, European Commission, https://employment-social-affairs.ec.europa.eu/document/download/ccfbf327-f343-4bf4-9fe9-5944df47d1fd_en?filename=EAfA_Transversal%20skills_Factsheet_FINAL.pdf.
[64] European Commission (2024), Transversal Skills, European Commission, https://year-of-skills.europa.eu/document/download/92562485-9deb-43a8-ac5f-826ff8bdb32a_en?filename=Transversal_skills_factsheet_3.pdf.
[38] European Commission (2023), “Serbia: Skills forecasting”, https://national-policies.eacea.ec.europa.eu/youthwiki/chapters/serbia/33-skills-forecasting (accessed on 10 July 2025).
[98] European Commission (n.d.), Social procurement, https://commission.europa.eu/funding-tenders/tools-public-buyers/social-procurement_en (accessed on 12 February 2026).
[57] Eurostat (2026), Individuals’ level of digital skills (from 2021 onwards), https://ec.europa.eu/eurostat/databrowser/view/sdg_04_70/default/table?lang=en (accessed on 10 July 2025).
[71] Eurostat (2026), Individuals’ level of digital skills (from 2021 onwards), https://ec.europa.eu/eurostat/databrowser/view/isoc_sk_dskl_i21__custom_17340267/default/table?lang=en (accessed on 10 July 2025).
[73] Eurostat (2025), “Employment and activity by sex and age: Annual data [dataset]”, https://doi.org/10.2908/lfsi_emp_a (accessed on 11 July 2025).
[20] Eurostat (2025), “Exposure of VET graduates to work-based learning [dataset]”, https://doi.org/10.2908/tps00215 (accessed on 24 July 2025).
[14] Eurostat (2025), “Female tertiary education graduates in STEM education fields: % of all tertiary education graduates in STEM education fields [dataset]”, https://doi.org/10.2908/tps00217 (accessed on 8 August 2025).
[51] Eurostat (2025), “Participation rate in education and training (last 4 weeks) by sex and age [dataset]”, https://doi.org/10.2908/trng_lfse_01 (accessed on 5 November 2024).
[19] Eurostat (2025), “Young persons neither in employment nor in education and training by labour status (NEET rates) [dataset]”, https://doi.org/10.2908/edat_lfse_20 (accessed on 26 September 2025).
[84] Flanders Innovation & Entrepreneurship (2025), SME e-wallet, https://www.vlaanderen.be/en/sme-e-wallet (accessed on 26 September 2025).
[85] Flanders Innovation & Entrepreneurship (2025), SME portfolio 2024 in figures: a look at use, themes and accessibility, https://www.vlaio.be/nl/nieuws/kmo-portefeuille-2024-cijfers-een-blik-op-gebruik-themas-en-toegankelijkheid (accessed on 26 September 2025).
[86] Flanders Innovation & Entrepreneurship (2024), SME portfolio has a positive impact on the competitiveness and productivity of companies | VLAIO, https://www.vlaio.be/nl/nieuws/kmo-portefeuille-heeft-positief-effect-op-competitiviteit-en-productiviteit-van-ondernemingen-0 (accessed on 26 September 2025).
[42] GIZ (2025), Employers’ Survey 2025: Results of the Employers’ Survey and Employment Needs Forecast for the Period 2025-2027, Deutsche Gesellschaft für Internationale Zusammenarbeit GmbH (GIZ), Belgrade, https://www.minrzs.gov.rs/sites/default/files/2025-12/%D0%90%D0%BD%D0%BA%D0%B5%D1%82%D0%B0%20%D0%BF%D0%BE%D1%81%D0%BB%D0%BE%D0%B4%D0%B0%D0%B2%D0%B0%D1%86%D0%B0%20%D0%B7%D0%B0%202025.%20%D0%B3%D0%BE%D0%B4%D0%B8%D0%BD%D1%83.pdf (accessed on 13 February 2026).
[32] Government of Portugal (2024), Education for Entrepreneurship – Pre-School Education, Basic Education and Secondary Education, Directorate-General for Education, Ministry of Education, https://www.dge.mec.pt/sites/default/files/ECidadania/educacao_Empreendedorismo/documentos/referencial_educacao_empreendedorismo_2024.pdf (accessed on 26 September 2025).
[30] Government of Serbia (2025), About the Youth Guarantee, Ministry of Labour, Employment, Veteran and Social Affairs, https://www.minrzs.gov.rs/sr/garancija-za-mlade/o-garanciji-za-mlade (accessed on 13 February 2026).
[43] Government of Serbia (2025), Decision on the Establishment of the Annual Plan for Adult Education in the Republic of Serbia for 2025, https://pravno-informacioni-sistem.rs/eli/rep/sgrs/vlada/odluka/2025/16/1/reg (accessed on 18 July 2025).
[61] Government of Serbia (2025), Just Transition Action Plan, https://www.mre.gov.rs/extfile/sr/10350/PREDLOG%20AKCIONOG%20PLANA%20PRAVEDNE%20TRANZICIJE%20MAJ%202025.pdf.
[10] Government of Serbia (2025), “Law on the Basics of the System of Education and Upbringing”, https://www.paragraf.rs/propisi/zakon_o_osnovama_sistema_obrazovanja_i_vaspitanja.html (accessed on 15 July 2025).
[11] Government of Serbia (2024), Ordinance on Standards of Educational Achievement for the End of the First Cycle of Primary Education and for the End of Primary Education: 104/2024-16, https://pravno-informacioni-sistem.rs/eli/rep/sgrs/ministarstva/pravilnik/2024/104/6/reg (accessed on 6 August 2025).
[41] Government of Serbia (2024), Reform and Growth Facility for the Western Balkans: Reform Agenda of the Republic of Serbia, https://enlargement.ec.europa.eu/document/download/36d6d50b-9f25-4b79-bfc7-292b7b499f5b_en?filename=7.0.%20ANNEX%20VII%20-%20Reform%20Agenda%20Serbia.pdf.
[31] Government of Serbia (2023), Youth Guarantee Implementation Plan 2023-2026, Official Gazette of the Republic of Serbia, No 120/23, https://nsz.gov.rs/filemanager/Files/Dokumenta/Garancija%20za%20mlade/Youth%20Guarantee%20Implementation%20Plan%202023-2026.pdf.
[93] Government of Serbia (2022), Law on Social Entrepreneurship, https://www.diesis.coop/wp-content/uploads/2022/03/The-Law-on-Social-Entrepreneurship-ENG-1.pdf.
[75] Government of Serbia (2021), Gender Equality Strategy for the Period 2021-2030, https://www.rodnaravnopravnost.gov.rs/sites/default/files/2022-03/National%20Strategy%20for%20GE%202021-2030.pdf.
[8] Government of Serbia (2021), Industrial Policy Strategy of the Republic of Serbia from 2021 to 2030, Government of Serbia, Belgrade, https://privreda.gov.rs/sites/default/files/documents/2021-08/Industrial-Policy-Strategy-2021-2030.pdf.
[40] Government of Serbia (2020), Strategy for the Development of Artificial Intelligence in the Republic of Serbia for the Period 2020-2025, https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=COM%3A2018%3A237%3AFIN (accessed on 6 January 2026).
[24] Grujić, G. (2020), National Model of Dual Education: The Road to the Future of Serbia, Ministry of Education, Science and Technological Development, Belgrade, https://wb6net4vet.net/wp-content/uploads/2025/01/National-model-of-dual-education-from-2020.pdf.
[21] IMF (2025), Republic of Serbia: Selected Issues, International Monetary Fund, Washington, DC, https://doi.org/10.5089/9798229017183.002.
[12] Jokić, S. et al. (2024), “Alignment of learning outcomes in the technique and technology curriculum in Serbia with key competencies for lifelong learning: A mixed-method convergent design approach”, Sustainability, Vol. 16/22, p. 10150, https://doi.org/10.3390/SU162210150.
[83] Jovanovic, M. (2025), “Late state subsidies for private kindergartens”, Vreme, https://vreme.com/en/drustvo/kasne-drzavne-subvencije-za-privatne-vrtice (accessed on 11 July 2025).
[65] Jovanović, M. (2025), “Artificial intelligence and the economy: AI is set to eliminate 70,000 jobs in Serbia, but also create 130,000”, Nedeljne informativne novine, https://www.nin.rs/english/news/85417/ai-closes-70000-jobs-in-serbia-but-also-creates-130000 (accessed on 13 August 2025).
[17] Junior Achievement Serbia (2025), Fourth year of successful implementation of the Girls Go Circular program, https://www.ja-serbia.org/cetvrta-godina-uspesne-realizacije-programa-girls-go-circular/ (accessed on 8 August 2025).
[18] Junior Achievement Serbia (2022), The first year of the Girls Go Circular project has been successfully completed!, https://www.ja-serbia.org/uspesno-zavrsena-prva-godina-projekta-girls-go-circular/ (accessed on 8 August 2025).
[95] KoRSE (2023), Recommendations for the Development of the Social Entrepreneurship Sector in Serbia, Coalition for Solidarity Economy Development, https://solidarnaekonomija.rs/wp-content/uploads/2023/07/KoRSE-Preporuke-SR-2.pdf.
[81] NALED (2025), “£50,000 Fund For Women’s Entrepreneurship In Serbia: Grant applications by September 14”, news, https://naled.rs/en/vest-fond-od-50000-funti-za-zensko-preduzetnistvo-u-srbiji-prijave-za-grantove-do-14-septembra-11102 (accessed on 19 December 2025).
[89] NALED (2024), Social enterprises for state support, https://naled.rs/en/vest-registracija-socijalnih-preduzeca-preduslov-za-podrsku-drzave-8776 (accessed on 8 August 2025).
[77] Nikolić, K. et al. (2023), A Hurdle Marathon, UNDP, https://www.undp.org/serbia/blog/hurdle-marathon (accessed on 26 September 2025).
[52] OECD (2025), Economic Convergence Scoreboard for the Western Balkans 2025, OECD Publishing, Paris, https://doi.org/10.1787/bc0babf3-en.
[72] OECD (2025), Trends in Adult Learning: New Data from the 2023 Survey of Adult Skills, Getting Skills Right, OECD Publishing, Paris, https://doi.org/10.1787/ec0624a6-en.
[66] OECD (2023), OECD Employment Outlook 2023: Artificial Intelligence and the Labour Market, OECD Publishing, Paris, https://doi.org/10.1787/08785bba-en.
[1] OECD (2023), PISA 2022 Results (Volume I): The State of Learning and Equity in Education, PISA, OECD Publishing, Paris, https://doi.org/10.1787/53f23881-en.
[94] OECD (2022), Designing Legal Frameworks for Social Enterprises: Practical Guidance for Policy Makers, Local Economic and Employment Development (LEED), OECD Publishing, Paris, https://doi.org/10.1787/172b60b2-en.
[90] OSCE (2024), Green Paper on Social Economy in the Western Balkans, https://www.osce.org/files/f/documents/7/8/563409.pdf.
[82] Pantelić, M. (2022), “Serbia country note”, in Koslowski, A. et al. (eds.), International Review of Leave Policies and Research 2022, https://www.leavenetwork.org/fileadmin/user_upload/k_leavenetwork/country_notes/2022/Serbia2022.pdf (accessed on 11 July 2025).
[78] Popovic, S., N. Ravic and L. Stojkovic (2024), National Skills Gaps and Needs Analysis: Serbia, Interreg Danube Region, https://interreg-danube.eu/storage/media/01J9EHD4YKYQPD3H2SHNNEXZAB.pdf.
[67] Rakic, S. (2025), “Only a third of companies in Serbia use artificial intelligence in business”, Serbian Monitor, https://www.serbianmonitor.com/en/only-a-third-of-companies-in-serbia-use-artificial-intelligence-in-business (accessed on 10 July 2025).
[50] RCC (2024), Balkan Barometer 2024: Business Opinion, Regional Cooperation Council, Sarajevo, https://www.rcc.int/balkanbarometer/publications (accessed on 18 March 2025).
[2] RCC (2023), Balkan Barometer 2023: Business Opinion, Regonal Cooperation Council, Sarajevo, https://www.rcc.int/balkanbarometer/publications.
[29] Renold, U. et al. (2025), Implementation of the Serbian Law on Dual Education 2024-2025: Seventh Report on Drivers and Barriers, ETH Zurich, Zurich, Switzerland, https://doi.org/10.3929/ethz-b-000724855.
[23] Renold, U. et al. (2024), Implementation of the Serbian Law on Dual Education 2023-2024: Sixth Report on Drivers and Barriers, ETH Zurich, Zurich, Switzerland, https://doi.org/10.3929/ethz-b-000678818.
[28] RTV (2024), “113 applications worth 50 million dinars were approved for the support of dual education”, https://www.rtv.rs/sr_lat/mladi/obrazovanje/za-podrsku-dualnom-obrazovanju-odobreno-113-zahteva-vrednih-50-miliona-dinara_1592200.html (accessed on 19 December 2025).
[68] S4AI_Hub (n.d.), “Skills and trainings”, https://s4ai.rs/en/services/skills-and-trainings (accessed on 19 December 2025).
[79] SeConS (2023), Women’s Entrepreneurship in Serbia: 10 years later, UN Women, Belgrade, https://serbia.un.org/sites/default/files/2023-06/UN_Women_Preduzetnistvo_zena_u_Srbiji_ENG_web.pdf (accessed on 11 July 2025).
[63] Serbia Business (2025), “Serbia forms working group to tackle labor shortage and strengthen key industries”, https://serbia-business.eu/serbia-forms-working-group-to-tackle-labor-shortage-and-strengthen-key-industries (accessed on 10 July 2025).
[27] Serbian Ministry of Economy (2024), “Public call for grants under the Program of Support to Strengthening the Capacities of Employers Involved in Dual Education in 2024”, https://www.privreda.gov.rs/lat/usluge/javni-pozivi/javni-poziv-za-dodelu-bespovratnih-sredstava-u-okviru-programa-podrske-jacanju-kapaciteta (accessed on 13 July 2025).
[76] Serbian Ministry of Economy (2024), Strategy for the Development of Small and Medium Enterprises for the Period from 2023 to 2027, Government of Serbia, Belgrade, https://privreda.gov.rs/lat/dokumenta/propisi/strategije/strategija-za-razvoj-malih-i-srednjih-preduzeca-za-period-od-2023-do-2027-godine (accessed on 30 September 2025).
[13] Serbian Ministry of Education (2023), “The Government of the Republic of Serbia adopted the Action Plan for the period from 2023 to 2026 for the implementation of the Education Development Strategy until 2030”, news, https://prosveta.gov.rs/vesti/vlada-srbije-usvojila-akcioni-plan-za-period-od-2023-do-2026-godine-za-sprovodjenje-strategije-razvoja-obrazovanja-i-vaspitanja-do-2030-godine (accessed on 18 December 2025).
[5] Serbian Ministry of Education, Science and Technological Development (2021), Education Development Strategy in the Republic of Serbia until 2030, Government of Serbia, Belgrade, https://natlex.ilo.org/dyn/natlex2/r/natlex/fe/details?p3_isn=113421 (accessed on 6 August 2025).
[7] Serbian Ministry of Education, Science and Technological Development (2021), Startup Ecosystem Development Strategy of the Republic of Serbia for the Period 2021-2025, Government of Serbia, Belgrade, https://nitra.gov.rs/images/ministarstvo/dokumenta/STARTUP%20ECOSYSTEM%20DEVELOPMENT%20STRATEGY.pdf.
[6] Serbian Ministry of Education, Science and Technological Development (2020), Smart Specialisation Strategy of the Republic of Serbia 2020-2027, Government of Serbia, Belgrade, https://pametnaspecijalizacija.mpn.gov.rs/wp-content/uploads/2021/06/Strategija-pametne-specijalizacije_EN_WEB.pdf.
[25] Serbian Ministry of Education, Science and Technological Development/Centre for Educational Policies (2021), Guide to Dual Education for Companies, Government of Serbia, https://dualnok.gov.rs/wp-content/uploads/2023/02/Vodic-za-kompanije-DUALNO-OBRAZOVANJE.pdf.
[55] Serbian Ministry of Labour, Employment, Veteran and Social Affairs (2024), Action Plan 2024-2026 for the Implementation of the Employmnet Strategy of the Republic of Serbia 2021-2026, Government of Serbia, Belgrade, https://www.minrzs.gov.rs/sites/default/files/2024-07/Action%20Plan%202024%E2%80%932026%20for%20the%20Implementation%20of%20the%20Employment%20Strategy%20....pdf.
[39] Serbian Ministry of Labour, Employment, Veterans and Social Affairs (2021), Employment Strategy of the Republic of Serbia 2021-2026, Social Inclusion and Poverty Reduction Unit, Government of Serbia, Belgrade, https://socijalnoukljucivanje.gov.rs/wp-content/uploads/2021/08/Strategija_zaposljavanja_u_Republici_Srbiji_2021-2026_engleski.pdf.
[9] Serbian Ministry of Youth and Sports (2015), National Youth Strategy 2015-2025, Government of Serbia, Belgrade, https://www.mos.gov.rs/wp-content/uploads/download-manager-files/Nacionalna%20strategija%20za%20mlade%20-%20ENG.pdf.
[87] SMEunited (n.d.), “SME Wallet (“KMO-Portefeuille”)”, https://www.smeunited.eu/admin/storage/smeunited/unizo-annual-theme-skills.pdf (accessed on 26 September 2025).
[60] Spasić, V. (2025), Serbia drafts just transition action plan, Balkan Green Energy News, https://balkangreenenergynews.com/serbia-drafts-just-transition-action-plan/#:~:text=Serbia%20plans%20to%20invest%20EUR,and%20ensuring%20a%20just%20transition. (accessed on 10 July 2025).
[45] Statistical Office of the Republic of Serbia (2025), “Statistical release: Estimated population, 2024”, https://www.stat.gov.rs/en-us/vesti/statisticalrelease/?p=17030&a=18&s=1801?s=1801 (accessed on 10 July 2025).
[46] Statistical Office of the Republic of Serbia (2025), “Statistical release: Vital statistics, 2024”, https://publikacije.stat.gov.rs/G2025/HtmlE/G20251174.html (accessed on 10 July 2025).
[49] Stojanović, B., A. Ivković and B. Kaličanin (2024), Alternative Report on the Position and Needs of Youth in the Republic of Serbia, National Youth Council of Serbia, Belgrade, https://koms.rs/wp-content/uploads/2024/08/Alternative_Report_2024.pdf.
[16] Tang, M. (2025), Bridging the Gender Gap in ICT: The Role of Early Inspiration, STREAM IT, https://streamit-project.eu/2025/03/07/bridging-the-gender-gap-in-ict-the-role-of-early-inspiration (accessed on 8 August 2025).
[91] Tešić, S. and G. Radetić (2023), Socijalno preduzetništvo kao potencijal za razvoj odgovornih i održivih ženskih inicijativa, UN Women, Belgrade, https://serbia.un.org/sites/default/files/2023-09/Vodic_o_socijalnom_preduzetnistvu_pp_web.pdf (accessed on 4 July 2025).
[47] UN Population Division (2024), “International migrant stock 2024 [dataset]”, https://www.un.org/development/desa/pd/content/international-migrant-stock (accessed on 15 April 2025).
[44] UNDP (2025), Population Dynamics Affecting Labour Market?, https://www.undp.org/serbia/news/population-dynamics-affecting-labour-market (accessed on 10 July 2025).
[62] UNDP (2023), “Just Green Transition and Decarbonisation in Serbia”, https://www.undp.org/serbia/projects/just-green-transition-and-decarbonisation-serbia (accessed on 10 July 2025).
[15] UNDP Serbia and UNDP Accelerator Lab in Serbia (2023), Women in Serbia’s ICT Sector, UNDP and UNDP Accelerator Lab in Serbia, https://lab.undp.org.rs/wp-content/uploads/2024/03/Research-eng-web_26_02_2024.pdf.
[56] World Bank (2025), Enterprise Surveys: Serbia 2024 Country Profile, World Bank, Washington, DC, https://espanol.enterprisesurveys.org/content/dam/enterprisesurveys/documents/country/Serbia-2024.pdf.
[80] World Bank (2025), Global Findex Database 2025, World Bank, Washington, DC, https://www.worldbank.org/en/publication/globalfindex/report (accessed on 24 July 2025).
[70] World Bank (2025), Manufacturing, value added (% of GDP) - Serbia, https://data.worldbank.org/indicator/NV.IND.MANF.ZS?locations=RS (accessed on 10 July 2025).
[59] World Bank (2025), Western Balkans Regular Economic Report: Adapting for Sustainable Growth, Western Balkans Regular Economic Report No. 27, International Bank for Reconstruction and Development/The World Bank, Washington, DC, https://documents1.worldbank.org/curated/en/099042325021511545/pdf/P506742-7e63000a-aafd-40a5-8b97-fffe2a1cc12f.pdf.
[34] World Economic Forum (2023), The Future of Jobs Report 2023, World Economic Forum, Geneva, https://www.weforum.org/publications/the-future-of-jobs-report-2023/digest (accessed on 10 July 2025).
← 1. EntreComp frames entrepreneurship as a lifelong competence, outlining the key components of an entrepreneurial mindset and providing a shared reference point for initiatives focused on entrepreneurial education. For more information, see: https://joint-research-centre.ec.europa.eu/entrecomp-entrepreneurship-competence-framework_en.
← 2. Access to these materials is password protected. See: https://www.ja-serbia.org/materijali-za-nastavnike.
← 3. Teachers can choose between the Student Company programme, Business Challenge competitions, Green Challenge online competition, Girls Go Circular programme, Financial Literacy programme, and Business Ethics and Mentorship programmes, to name a few. Additionally, in February 2025, Junior Achievement Serbia launched a new programme, “The Entrepreneurial Classroom”, for students aged 12‑14 years. The aim is to develop these students’ entrepreneurial skills, such as teamwork, creativity, initiative-taking and communication. For more information, see: https://www.ja-serbia.org/preduzimljiva-ucionica-nas-novi-program-za-osnovne-skole.
← 4. Information obtained from correspondence with Junior Achievement Serbia staff.
← 5. According to the Statistical Office of the Republic of Serbia, there were 30 311 teachers in regular secondary schools at the start of the 2022/2023 school year. See: https://data.stat.gov.rs/Home/Result/11030201?languageCode=en-US.
← 6. Selected initiatives supporting girls’ participation in ICT include the “Girls know IT” / “Girls also know how to code” workshops, implemented by Petlja in partnership with Microsoft Development Center Serbia, which provide hands-on coding days for school-aged girls and have been delivered through repeated editions between 2023 and 2025. In addition, UNDP Serbia also implements initiatives such as “Her Journey, Her Story: Women Shaping Tech” and complementary web-programming workshops, which combine mentoring, role-model storytelling and hands-on digital skills training for girls aged 12-14 across multiple cities. See: https://petlja.org/en/nint/girls-also-know-how-to-code/104737; https://www.undp.org/serbia/news/web-programming-workshop-girls-held-palace-science.
← 7. In Serbia, dual VET students are required to complete at least 75% of their practical training in companies, with no more than 25% allowed in schools. Conversely, in traditional VET programmes, the reverse applies: students may spend up to 25% of their practical training in companies, with the remainder taking place in school settings.
← 8. Whereas the legal basis was established in 2017 ("Official Gazette of RS", no. 101 of November 10, 2017), the dual education model was only formally rolled out in the 2019/20 school year.
← 9. This can be disaggregated into 86 existing and 6 new profiles.
← 10. Data from the current EMIS data report for the 2025/26 school year.
← 11. To be certified, a company needs to hold an active “Certificate of compliance for work-based learning.” For the “Register of Employers” in Serbia, see: https://dualnoobrazovanje.rs/.
← 12. Insights from fieldwork conducted within the framework of the SME Hub Project evaluation.
← 13. Data provided by the NES.
← 14. These data were provided by the Statistical Office of Serbia as part of the current assessment process (statistical sheets).
← 15. “Skills intelligence” can be defined as the “process of identifying, collecting, analysing, synthesising and presenting quantitative or qualitative information on skills and the labour market to: (i) identify key trends and demands in the labour market, (ii) assess, anticipate and forecast skills needs, (iii) address skills gaps and mismatches and (iv) adapt provision of education and training accordingly.” For more information, see: https://www.cedefop.europa.eu/en/tools/vet-glossary/glossary/kompetenzanalytik.
← 16. These sectors include: agriculture, forestry and fisheries; mining, energy and water supply; manufacturing; construction; trade and repair of motor vehicles; transport and storage, accommodation and information; financial activities, insurance and real estate; and administrative, medical and artistic activities.
← 17. Sector skills councils are collaborative platforms that bring together diverse stakeholders, such as public authorities, employers’ organisations, businesses, trade unions and training providers, to align education and training with labour market needs. By fostering systematic cooperation, these councils play a key role in shaping VET policies from a lifelong learning perspective and promoting the development of skills relevant to specific economic sectors. For more information, see: https://www.etf.europa.eu/sites/default/files/m/8798F8D5E8F7491AC1257E67004A3C9F_INFORM%2022%20Sector%20skill%20councils.pdf.
← 18. One key initiative, led by People 1st International with support from the European Bank for Reconstruction and Development, aims to strengthen private sector engagement in skills councils. Activities include the establishment of subcommittees and technical expert groups, the development of a guidance toolkit to define the role of the private sector within the councils and awareness-raising among businesses on the benefits of active participation. For more, see: https://www.people1st.co.uk/content/uploads/2024/11/Serbias-Sector-Skills-Councils.pdf.
← 19. A more granular look at Serbia’s expected population decline reveals that the population is expected to reach 6.20 million in 2032, 5.95 million in 2037, 5.68 million in 2042 and 5.22 million in 2052.
← 20. The 2011 census had this proportion at 17.4% of the population. For more, see: https://publikacije.stat.gov.rs/G2012/PdfE/G201218003.pdf.
← 21. The government of Serbia has introduced a range of measures to encourage members of the diaspora to return and invest, initially under the Action Plan on Economic Migration 2021-2023 and through subsequent initiatives. Administrative incentives include the “Carta Serbica” programme, which simplifies residence permit procedures for persons of Serbian origin living abroad. Support for reintegration and circular migration is also provided through the “Returning Point” initiative implemented with UNDP Serbia, which connects returnees with employment, business and civil society opportunities. Financial incentives further complement these efforts: employers hiring so-called “newly settled taxpayers” (including returnees and graduates educated abroad) may receive a reduction of up to 70% of the salary tax base for at least five years when the position requires specialised professional education. See: https://www.undp.org/serbia/blog/how-returning-point-building-bridges-between-serbia-and-its-diaspora and https://www.srbija.gov.rs/vest/en/200050/serbia-committed-to-return-of-young-people-from-diaspora.
← 22. This data refers to the population aged 15-64. For more, see: https://data.stat.gov.rs/Home/Result/240003020305?languageCode=en-US.
← 23. The 2024 SME Compass data was based on a representative survey of 1 500 firms in Serbia.
← 24. A new project between GIZ and the Chamber of Commerce seeks to modernise VET offers, including via modules focusing on skills for the green transition (e.g. environmentally responsible welding, energy-efficient processes) and employer-linked training.
← 25. The Chamber of Commerce offers regular one-day and modular seminars for companies on decarbonisation, the EU Carbon Border Adjustment Mechanism, environmental, social and governance (ESG) due diligence and non-financial reporting, aimed at upskilling staff who will implement green compliance and transition plans inside firms.
← 26. For more information on the importance on micro-credentials and how they can add value in education and training systems, see: https://www.etf.europa.eu/sites/default/files/2022-05/Micro-credentials%20%281%29-combined_1%20copy_0.pdf.
← 27. The law defines a micro-credential programme as “a small study programme that has a clearly defined structure, purpose, and learning outcomes, and for which a certificate of completed micro-credentials and acquired competencies is issued.”
← 28. While there is no standard definition for what constitutes “specialised AI knowledge and skills,” this tends to involve computer programming, database management (especially for big data) and skills for data analysis and visualisation. It might also involve knowledge on specific AI models, tools or software. For more information, see: https://www.oecd.org/en/publications/oecd-employment-outlook-2023_08785bba-en/full-report/skill-needs-and-policies-in-the-age-of-artificial-intelligence_fe530fbf.html.
← 29. One notable exception is the new Programme of Support to the AI Transformation of the Tourism Sector of the Republic of Serbia - Club 50, supported by the Ministry of Economy and implemented by the Centre for Digital Transformation. For more information, see: https://cdt.org.rs/vesti/javni-poziv-za-program-podrske-ai-transformaciji-turistickog-sektora-republike-srbije-klub-50.
← 30. Industry 5.0 refers to the EU’s transformative approach that builds upon the foundations of Industry 4.0, emphasising a shift from mere efficiency and productivity towards a more sustainable, human-centric and resilient industrial model. For more, see: https://op.europa.eu/en/web/eu-law-and-publications/publication-detail/-/publication/38a2fa08-728e-11ec-9136-01aa75ed71a1.
← 31. These figures refer to individuals aged 15-64 years old.
← 32. Data from the Business Registers Agency.
← 33. Five hundred forty-seven women represented 40.1% of the total number of participants (1 343). Data on participation in the programme were provided by the Ministry of Economy within the framework of the SME Policy Index 2026 assessment process (qualitative questionnaire).
← 34. One survey found that more than half of women entrepreneurs in Serbia are aged 45-64, with an average age of 46.3 years old. See: https://serbia.un.org/sites/default/files/2023-06/UN_Women_Preduzetnistvo_zena_u_Srbiji_ENG_web.pdf.
← 35. In the case that a salaried employee has worked fewer than 18 months, the total earnings are still divided by 18, which lowers the average benefits received.
← 36. The OECD defines the social economy as “made up of a set of organisations such as associations, cooperatives, mutual organisations, foundations, and, more recently, social enterprises. In some cases, community-based, grassroots and spontaneous initiatives are part of the social economy in addition to non-profit organisations, the latter group often being referred to as the solidarity economy. The activity of these entities is typically driven by societal objectives, values of solidarity, the primacy of people over capital and, in most cases, by democratic and participative governance.” For more information, see: https://legalinstruments.oecd.org/en/instruments/OECD-LEGAL-0472.
← 37. In 2024, Serbia’s population was estimated at 6.6 million, whereas Bulgaria had a population of 6.4 million, making them comparable economies. For more details about the estimates concerning social enterprises operating in Bulgaria, see: https://base.socioeco.org/docs/social_enterprises_and_their_ecosystems_in_europe._comparative_synthesis_report.pdf.
← 38. Data provided by the Statistical Office of Serbia.
← 39. Common legal forms include associations, limited liability companies, non-profits and co-operatives.
← 40. No strategic documents in Serbia at the local level recognise social entrepreneurship. For more information, see: https://solidarnaekonomija.rs/wp-content/uploads/2025/01/Reserach-report_SRB_ENG_Final.pdf.
← 41. Inputs provided by colleagues from the National Alliance for Local Economic Development.
← 42. In December 2025, the City of Kragujevac adopted the first local Social Entrepreneurship Development Programme (2026-28). Approximately RSD 10 million (EUR 85 190) will be allocated from the city budget over the three-year period to support the development of social entrepreneurship. NALED is expected to provide technical and advisory assistance to support the Programme’s implementation.
← 43. This project is implemented by KfW in co-operation with the Ministry of Economy.
← 44. This is a regional initiative that seeks to jointly develop policies for social enterprises to help develop a supportive ecosystem across the Danube region. From the WBT region, partners include Bosnia and Herzegovina, Montenegro and Serbia. See: https://interreg-danube.eu/projects/danube4seecosystem.