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.
Karanovic & Partners is dedicated to sharing some of the most interesting opportunities that the region has to offer. We bring you a flavour of what the SEE region has in store – for more information please contact us at bd@karanovicpartners.com.
In order to see Market Opportunities page*, please click here
This content is for Premium users only. If you do not have the password, please contact our BD team at bd@karanovicpartners.com for more information.
Serbia
Macroeconomic Snapshot
Key Macroeconomic Indicators
SRB 2021 2022 2023 2024E 2025F 2026F GDP Nominal (EUR M) 53,300 60,400 75,200 82,600 88,000 94,500 GDP Real, % 7.5% 2.5% 3.8% 3.9% 2.7% 3.5% GDP Per Capita (EUR) 7,761 9,067 11,355 12,392 13,332 14,320 Inflation, % EOY 7.9% 15.1% 12.5% 4.6% 4.5% 3.9% Net FDI (EUR M) 3,678 4,348 4,300 4,600 2,000 3,000 Public Debt, % GDP 57.1% 55.7% 48.1% 47.5% 47.4% 47.0% External Debt, % GDP 68.4% 69.4% 48.4% 47.5% 47.6% 47.0% Foreign Reserves (EUR M) 16,600 20,000 24,900 29,300 27,000 27,000 Trade Account Balance, % GDP -13.1% -18.9% -4.7% -4.8% -5.6% -5.2% FX Rate, EUR/RSD (EOY) 117.6 117.3 117.2 117.0 117.3 117.1 AVG Net Salary (EUR) 555 629 760 830 858 927 Unemployment, % 11.4% 9.4% 9.5% 8.6% 9.1% 8.9% Population (M) 6.9 6.8 6.6 6.6 6.5 6.5 Sources: Statistical Office of the Republic of Serbia, Erste Bank, UniCredit Bank, Raiffeisen Bank
Ratings:
Moody’s Ba2; Positive S&P BBB-; Stable Fitch BB+; Positive Croatia
Macroeconomic Snapshot
Key Macroeconomic Indicators
HRV 2021 2022 2023 2024E 2025F 2026F GDP Nominal (EUR M) 58,300 68,000 78,048 85,482 92,300 101,500 GDP Real, % 13.1% 6.2% 3.3% 3.9 % 2.8% 2.6% GDP Per Capita (EUR) 14,990 17,635 20,221 22,110 22,631 22,894 Inflation, % EOY 5.5% 13.1% 8.1% 3.0% 3.6% 2.7% Net FDI (EUR M) 2,798 3,672 2,808 3,200 3,410 3,592 Public Debt, % GDP 78.3% 68.2% 61.8% 57.6% 56.8% 56.4% External Debt, % GDP 80.9% 72.9% 79.5% 65.7 % 79.7% – Foreign Reserves (EUR M) 25,000 27,800 3,300 3,600 4,100 – Trade Account Balance, % GDP -19.6% -26.7% -22.4% -21.2% -21.0% -21.1% FX Rate, EUR/HRK (EOY) 7.5 7.5 – – – – AVG Net Salary (EUR) 923 976 1,100 1,323 1,372 – Unemployment, % 7.6% 7.1% 6.1% 5.0% 4.7% 4.5% Population (M) 3.9 3.9 3.9 3.8 3.8 3.8 Source: Croatian National Bank, Erste Bank, UniCredit Bank
Ratings:
Moody’s A3; Stable S&P A-; Positive Fitch A-; Stable Slovenia
Macroeconomic Snapshot
Key Macroeconomic Indicators
SLO 2021 2022 2023 2024E 2025F 2026F GDP Nominal (EUR M) 52,200 57,000 63,951 67,418 69,995 73,332 GDP Real, % 8.2% 2.7% 2.1% 1.6% 1.2% 2.1% GDP Per Capita (EUR) 24,770 27,061 30,452 32,103 33,023 34,596 Inflation, % EOY 4.9% 8.8% 7.4% 2.0% 2.5% 2.2% Net FDI (EUR M) 418 1,311 504 802 911 – Public Debt, % GDP 74.5% 72.3% 68.4% 67.0% 66.6% 65.9% External Debt, % GDP 97.3% 90.9% 91.8% 86.6% 84.2% 80.5% Foreign Reserves (EUR M) 2,002 2,137 2,155 2,811 – – Trade Account Balance, % GDP 1.7% -3.8% 4.8% 4.6% 3.4% 3.2% AVG Net Salary (EUR) 1,317 1,322 1,470 1,533 1,585 – Unemployment, % 4.5% 4.0% 3.7% 3.7% 3.6% 3.6% 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 A3; Positive S&P AA; Stable Fitch A; Positive Bosnia and Herzegovina
Macroeconomic Snapshot
Key Macroeconomic Indicators
BIH 2021 2022 2023 2024E 2025F 2026F GDP Nominal (EUR M) 20,468 23,305 26,062 27,591 29,221 31,006 GDP Real, % 7.3% 3.7% 1.9% 2.5% 2.5% 2.9% GDP Per Capita (EUR) 5,934 6,789 7,610 8,081 8,597 9,159 Inflation, % EOY 6.3% 14.7% 2.2% 2.2% 3.5% 3.5% Net FDI (EUR M) 532 698 859 961 1,019 1,081 Public Debt, % GDP 33.3% 29.3% 25.8% 26.2% 26.7% 26.3% External Debt, % GDP 24.2% 20.8% 18.1% 17.6% 17.2% – Foreign Reserves (EUR M) 8,400 8,200 8,300 8,800 9,400 – Trade Account Balance, % GDP -17.9% -22.3% -20.1% -21.8% -22.0% -21.6% FX Rate, EUR/BAM (EOY) 2.0 2.0 2.0 2.0 2.0 2.0 AVG Net Salary (EUR) 512 574 641 709 767 820 Unemployment, % 17.4% 15.4% 13.2% 12.6% 12.1% 11.8% Population (M) 3.5 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 2021 2022 2023 2024E 2025F 2026F GDP Nominal (EUR M) 11,600 13,033 13,655 15,422 16,339 17,257 GDP Real, % 3.9% 2.2% 1.0% 2.8% 2.8% 2.9% GDP Per Capita (EUR) 5,527 7,096 7,477 8,461 8,983 9,506 Inflation, % EOY 4.9% 18.7% 3.6% 4.4% 2.7% 2.0% Net FDI (EUR M) 383 658 519 1,094 705 725 Public Debt, % GDP 61.0% 59.1% 62.1% 62.4% 63.8% 64.5% External Debt, % GDP 81.9% 82.8% 83.9% 79.2% 78.4% 78.9% Foreign Reserves (EUR M) 3,600 3,900 4,500 5,000 5,200 5,400 Trade Account Balance, % GDP -20.2% -26.7% -19.3% -20.1% -20.2% -20.9% FX Rate, EUR/MKD (EOY) 61.5 61.6 61.6 61.5 61.6 61.6 AVG Net Salary (EUR) 467 518 598 669 727 779 Unemployment, % 15.7% 14.4% 13.1% 12.4% 11.7% 11.6% Population (M) 1.9 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 2021 2022 2023 2024E 2025F 2026F GDP Nominal (EUR M) 4,955 5,924 7,069 7,645 7,907 8,371 GDP Real, % 13.0% 6.4% 6.3% 3.0% 2.9% 2.8% GDP Per Capita (EUR) 7,973 9,591 11,337 12,260 12,692 13,436 Inflation, % EOY 4.6% 17.2% 4.5% 2.6% 3.2% 2.9% Net FDI (EUR M) 580 782 432 314 538 594 Public Debt, % GDP 84.0% 69.2% 59.3% 59.8% 64.6% 64.2% External Debt, % GDP 191.5% 159.0% 129.3% 128.1% 127.7% 127.8% Foreign Reserves (EUR M) 1,737 1,915 1,624 – – – Trade Account Balance, % GDP -38.7% -45.1% -42.9% -44.1% -45.7% -45.0 AVG Net Salary (EUR) 532 712 857 930 1,019 1,073 Unemployment, % 16.7% 14.7% 13.1% 11.5% 11.3% 11.2% 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 13.4 15.2 118.1 21.8 22.9 27.1 25.3 GDP real (%) 2.1% -3.3% 8.9% 4.8% 3.9% 3.6% 3.5% 3.3% GDP Per Capita (EUR) 4,804.9 5,292.9 6,131.7 7,392.7 9,067.9 9,573.6 9,900 10,660.7 Inflation (average) % (EYO) 1.4% 1.6 % 2.0% 6.7% 4.8% 2.3% 2.37% 3.0% FDI (EUR M) 1,073 937 1,031 1,372 1,492 1,600 *398 Public Debt, % GDP 65.0% 73.9% 74.1% 64.1% 57.5% 58.3% 55.8% 55.0% Domestic Debt Stock/GDP 34.89% 38.89% 37.62% 34.08% 31.30% 31.16% 29.81% – External Debt Stock % GDP 30.07% 35,02% 36.45% 30.04% 26.20% 22.79% 24.37% – Foreign reserves (EUR M) 3,359.6 3,942.4 4,972.2 4,952.1 5,889 6,882 **6,680 8,210 Trade Account Balance, % GDP -13.7% -14.4 -13.3% -10.3% -5.1% -7.9% -7.1% -6.3% Unemployment, % 12.0% 12.2% 12.0% 11.3% 11.2% 10.2% *8.5% 9.5% Population (M) 2.9 2.9 2.83 2.8 2.4 2.4 2.4 2.4 Doing Business 69.51 67.7 – – – – – – Sources: Information Technology Audit in Statistics Institute (INSTAT), Bank of Albania, Ministry of Finance and Economy.
*Until the second quarter.
**Until mid-2025.Ratings:
Moody’s Ba3; Stable S&P BB; Stable Fitch –
*This Market Opportunities page has been prepared by Karanović & Partners for information purposes, based on the publicly available information only. Karanović & Partners is not liable for the accuracy of the information presented on this page. This page is not and should not be regarded as investment or legal advice or as a recommendation regarding any particular course of action. Karanović & Partners does not and shall not act as an agent in relation to any of the investment opportunities listed on this page. Karanović & Partners has a long-standing cooperation with attorneys in all the jurisdictions referred to on this page.