The SEE countries have shown their potential numerous times, becoming an investment hub with a reinforced business climate led by a wave of reforms, privatisations, and developments of new industries. These countries have managed to attract a high influx of FDI’s thanks to low labour and utility costs, accompanied by a multilingual and qualified workforce. The governments of the SEE countries remain committed to maintaining a friendly investor climate by pushing forward with the reforms and offering incentives – foreign investors can own up to 100% interest in a company, open bank accounts in domestic and foreign currencies, and employ foreign citizens easily. Relaxed regulations on foreign transfers of income and protection from nationalisation, expropriation, and requisition, are a further testament to the business climate.
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Serbia
Macroeconomic Snapshot
Key Macroeconomic Indicators
SRB 2022 2023 2024 2025E 2026F 2027F GDP Nominal (EUR M) 60,400 75,200 83,258 88,674 94,500 – GDP Real, % 2.5% 3.7% 3.9% 2% 3.4% 4% GDP Per Capita (EUR) 9,067 11,355 12,392 13,332 14,320 – Inflation, % EOY 15.1% 12.5% 4.6% 3.8% 3.1% 4.2% Net FDI (EUR M) 4,348 4,300 3,700 2,300 3,000 – Public Debt, % GDP 55.7% 48% 46.7% 44.5% 44.1% 43.7% External Debt, % GDP 69.4% 48.4% 47.5% 47.6% 47% – Foreign Reserves (EUR M) 20,000 24,900 29,300 29,000 28,500 – Trade Account Balance, % GDP -18.9% -4.7% -4.5% -4.9% -4.5% -3% FX Rate, EUR/RSD (EOY) 117.3 117.2 117.0 117.3 117.4 117.2 AVG Net Salary (EUR) 629 705 834 934 1011 – Unemployment, % 9.4% 9.5% 8.6% 8.7% 7.8% 7.5% Population (M) 6.8 6.6 6.6 6.5 6.6 – Sources: Statistical Office of the Republic of Serbia, Erste Bank, UniCredit Bank, Raiffeisen Bank
Ratings:
Moody’s Ba2; Stable S&P BBB-; Stable Fitch BB+; Positive Croatia
Macroeconomic Snapshot
Key Macroeconomic Indicators
HRV 2022 2023 2024 2025E 2026F 2027F GDP Nominal (EUR M) 68,000 79,186 85,905 92,975 93,100 97,000 GDP Real, % 6.2% 3.8% 3.8% 3.4% 2.7% 2.2% GDP Per Capita (EUR) 17,635 20,221 22,219 23,986 22,894 23,950 Inflation, % EOY 13.1% 8% 3% 3.7% 4.4% 3.1% Net FDI (EUR M) 3,672 2,808 3,200 3,410 3,592 4,200 Public Debt, % GDP 68.2% 60.9% 57.4% 56.3% 55.5% 55.7% External Debt, % GDP 72.9% 76.9% 66.4 % 66.9% – – Foreign Reserves (EUR M) 27,800 3,300 3,600 4,100 – – Trade Account Balance, % GDP -26.7% -22.4% -22.1% -21.0% -21.3% -20.7% FX Rate, EUR/HRK (EOY) 7.5 – – – – – AVG Net Salary (EUR) 976 1,100 1,348 1,485 1,552 – Unemployment, % 7.1% 6.1% 5.0% 4.9% 4.8% 4.7% Population (M) 3.9 3.9 3.9 3.8 3.8 3.9 Source: Croatian National Bank, Erste Bank, UniCredit Bank
Ratings:
Moody’s A3; Stable S&P A; Stable Fitch A-; Stable Slovenia
Macroeconomic Snapshot
Key Macroeconomic Indicators
SLO 2022 2023 2024 2025E 2026F 2027F GDP Nominal (EUR M) 57,000 63,951 66,968 71,171 76,333 80,798 GDP Real, % 2.7% 2.4% 1.7% 1.5% 3.8% 2.5% GDP Per Capita (EUR) 27,061 30,452 31,490 33,380 35,741 37,806 Inflation, % EOY 8.8% 7.4% 2% 2.4% 3.3% 2.5% Net FDI (EUR M) 1,311 504 1,450 1,600 1,750 1,850 Public Debt, % GDP 72.5% 68.3% 66.4% 65.7% 64.9% 65.4% External Debt, % GDP 90.9% 91.8% 86.6% 84.2% 80.5% – Foreign Reserves (EUR M) 2,137 2,155 2,811 – – – Trade Account Balance, % GDP -3.8% 3.6% 5.2% 4.1% 3.5% 3.2% AVG Net Salary (EUR) 1,322 1,470 1,533 1,585 1,653 – Unemployment, % 4% 3.7% 3.7% 4.6% 4.6% 4.5% Population (M) 2.1 2.1 2.1 2.1 2.1 2.1 Sources: National Statistical Office, Erste Bank, UniCredit Bank
Ratings:
Moody’s A2; Stable S&P AA; Stable Fitch A+; Stable Bosnia and Herzegovina
Macroeconomic Snapshot
Key Macroeconomic Indicators
BIH 2022 2023 2024 2025E 2026F 2027F GDP Nominal (EUR M) 23,305 26,574 28,169 30,378 31,900 33,300 GDP Real, % 3.7% 4.1% 3.2% 2.1% 2% 2.7% GDP Per Capita (EUR) 6,789 7,765 7,954 8,393 9,078 9,718 Inflation, % EOY 14.7% 2.2% 2.2% 4.1% 7.4% 4.3% Net FDI (EUR M) 698 930 817 456 461 495 Public Debt, % GDP 29.3% 25.3% 25.5% 25.6% 27.8% 29% External Debt, % GDP 20.8% 18.1% 18.8% 18.6% 19.6% 19.4% Foreign Reserves (EUR M) 8,200 8,300 8,992 9,314 9,777 9,957 Trade Account Balance, % GDP -22.3% -19.7% -13.4% -13.1% -14.7% -13.7% FX Rate, EUR/BAM (EOY) 2 2 2 2 2 2 AVG Net Salary (EUR) 574 585 721 817 893 984 Unemployment, % 15.4% 13.2% 12.7% 12.2% 12% 11.9% Population (M) 3.4 3.4 3.4 3.4 3.4 3.4 Sources: Statistical Office of Bosnia and Herzegovina, Erste Bank, UniCredit Bank
Ratings:
Moody’s B3; Stable S&P B+; Stable Fitch – North Macedonia
Macroeconomic Snapshot
Key Macroeconomic Indicators
NM 2022 2023 2024 2025E 2026F 2027F GDP Nominal (EUR M) 13,033 13,655 15,669 16,949 18,321 19,651 GDP Real, % 2.2% 2.6% 3% 3.5% 3.5% 3.1% GDP Per Capita (EUR) 7,096 7,477 8,597 9,318 10,157 10,950 Inflation, % EOY 14.2% 9.4% 4.4% 4.1% 3.7% 3.6% Net FDI (EUR M) 658 578 -1,387 -211 -696 789 Public Debt, % GDP 59.1% 58.1% 61% 59.9% 60.5% 60.7% External Debt, % GDP 82.8% 77.4% 78% 72% 72.9% 72.1% Foreign Reserves (EUR M) 3,900 4,500 5,000 5,200 5,000 5,000 Trade Account Balance, % GDP -26.7% -19.3% -19.7% -19.9% -20.4% -19.5% FX Rate, EUR/MKD (EOY) 61.6 61.6 61.5 61.6 61.6 61.6 AVG Net Salary (EUR) 518 610 671 735 782 – Unemployment, % 14.4% 13.1% 12.4% 11.5% 11.3% 10.9% Population (M) 1.8 1.8 1.8 1.8 1.8 1.8 Sources: National Bank of North Macedonia, National Statistical Office, IMF, Erste Bank, UniCredit Bank
Ratings:
Moody’s – S&P BB-; Stable Fitch BB+; Stable Montenegro
Macroeconomic Snapshot
Key Macroeconomic Indicators
MNE 2022 2023 2024 2025E 2026F 2027F GDP Nominal (EUR M) 5,924 7,069 7,645 8,171 8,703 9,366 GDP Real, % 6.4% 6.5% 3.2% 2.7% 2.8% 2.9% GDP Per Capita (EUR) 9,591 11,000 12,264 13,115 13,967 15,034 Inflation, % EOY 17.2% 4.3% 2.1% 4% 5.8% 3.4% Net FDI (EUR M) 782 432 489 531 599 646 Public Debt, % GDP 69.2% 59.3% 59.8% 63.5% 60.2% 59.9% External Debt, % GDP 159% 129.3% 125% 123.6% 120.6% 117.4% Foreign Reserves (EUR M) 1,915 1,624 – – – – Trade Account Balance, % GDP -45.1% -42.2% -43.2% -45.8% -44.7% -44% AVG Net Salary (EUR) 712 857 910 1,013 1,048 1,102 Unemployment, % 14.7% 13.1% 11.4% 10.7% 9.3% 9.4% Population (M) 0.6 0.6 0.6 0.6 0.6 0.6 Sources: Statistical Office of Montenegro, IMF, Erste Bank, World Bank
Ratings:
Moody’s Ba3; Stable S&P B+; Stable Fitch – Albania
Macroeconomic Snapshot
Key Macroeconomic Indicators
ALB 2019 2020 2021 2022 2023 2024F 2025F 2026F GDP nominal EUR (Bil.) 13.8 13.3 15.2 118 21.8 22.9 27.1 29 GDP real (%) 2.1% -3.3% 8.9% 4.8% 4% 4% 3.8% 4% GDP Per Capita (EUR) 4,804.9 5,292.9 6,131.7 7,392.7 9,046.4 10,440.2 11,354.7 12,199.2 Inflation (average) % (EYO) 1.4% 1.6% 2% 6.7% 4.8% 2.3% 2.3% 3.2% FDI (EUR M) 1073 937 1031 1372 1492 1161* – – Public Debt, % GDP 65% 73.9% 74.1% 64.1% 57.6% 54.2% 52.9% 52.8% Domestic Debt Stock/GDP 34.98% 38.75% 37.55% 34.07% 31.36% 31.32% 31.41% 29.10% External Debt Stock % GDP 30.15% 35.89% 36.38% 30.03% 26.25% 22.91% 21.51% 19.92% Foreign reserves (EUR M) 3,359.60 3,942.4 4,972.2 4,952.1 5,889 6,882 7,269* 7.885* Trade Account Balance, % GDP -13.7% -14.4% -13.3% -10.6% -5.9% -6.9% -5.5% -6.9% Unemployment, % 12% 12.2% 12% 11.3% 11.2% 10.2% 8.5% 8.3%* Population (M) 2.9 2.9 2.83 2.8 2.4 2.4 2.4 2.4 Doing Business 69.51 67.7 – – – – – – Source: Information Technology Audit in Statistics Institute (INSTAT), Bank of Albania, Ministry of Finance and Economy.
*According to the Bank of Albania for the September 2026, “Statistical Notification T2 2026.
**Data for the second quarter of 2026 from INSTAT.
Ratings:
Moody’s Ba3; Stable S&P BB; Stable Fitch BB; Stable
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