Serbia’s economy is expected to be the fastest growing in 2024, according to Finance Minister Sinisa Mali. In the first nine months of 2023, Serbia was among Europe’s top three fastest growing economies, with a 4% growth rate, while larger economies like Germany faced recession.
Unemployment in Serbia has dropped to a record low of 8.1%, compared to 25.9% in 2012, and the country now has approximately 450,000 more formally employed individuals than before 2012. The average pension in 2024 is 46,138 dinars (394.1 euros), and is projected to reach 436 euros by the end of the year, more than double the average pension in 2012.
The minimum wage has increased by 13.7% in 2024, now totaling 53,592 dinars (457 euros) per month. Public sector wages have also increased by 8%, with education sector wages rising by 22.4%. The government aims for the average salary to reach 1,000 euros by December 2024.
The government is also focusing on affordable housing for young people, offering a subsidized loan program with a 1% down payment and reduced monthly installments, aiming to support individuals aged 20 to 35.
Family benefits have also been significantly increased, with payments for the birth of children rising substantially. For example, the parental allowance for a fourth child now amounts to 3,180,000 dinars, compared to just 298,254 dinars in 2012.
In addition to improving citizens’ living standards, the government is investing in large infrastructure projects, including highways, health facilities, and schools. The “Leap into the Future – Serbia 2027” program includes 323 projects worth 17.8 billion euros.
A major milestone for the country will be hosting the Expo 2027 in Belgrade, attracting millions of visitors and showcasing Serbia’s progress.
