The Venture Capital & Private Equity
Country Attractiveness Index
Alexander Groh, Heinrich Liechtenstein, Karsten Lieser and Markus Biesinger
Serbia  
Rank: 77 ↑ · Score: 46.1  

Basic facts, 2015        
Population (millions) 7.1   IPOs and pulic issues (quartile) Bottom
GDP (US$ billions) 36.8   M&A volume (quartile) 3rd
GDP per capita (US$) 5,169.5   Venture capital investments (quartile) Bottom
GDP growth (per cent) 0.6   Private equity investments (quartile) Bottom
 
 
 
Performance Overview
 
Historic performance, 2012-2016   Key driver performance, 2016

   

VCPE Rank  
VC Rank  
PE Rank
Serbia  
Eastern Europe
 
Indicator Rank/Trend Score   Indicator Rank/Trend Score
1. Economic Activity 112 63.5   4. Investor Protection and Corporate Governance 95 49.3
1.1 Size of the Economy (GDP) 81 58.3   4.1 Quality of Corporate Governance 72 54.5
1.2 Expected Real GDP Growth 113 90.3   4.2 Security of Property Rights 114 43.7
1.3 Unemployment 115 48.6   4.3 Quality of Legal Enforcement 91 50.4
2. Depth of Capital Market 72 34.7   5. Human and Social Environment 75 43.0
2.1 Size and Liquidity of the Stock Market 96 42.1   5.1 Education and Human Capital 82 40.7
2.2 Total Trading Volume 63 62.5   5.2 Labor Regulations 72 41.2
2.3 IPOs and Public Issuing Activity 88 5.8   5.3 Bribing and Corruption 64 47.2
2.4 M&A Market 65 28.5   6. Entrepreneurial Opportunities 70 51.1
2.5 Debt and Credit Market 89 62.5   6.1 Innovation 106 39.8
2.6 Bank Non-Performing Loans 121 51.7   6.2 Scientific and Technical Journal Articles 48 56.0
2.7 Financial Market Sophistication 88 43.3   6.3 Burdens of Starting and Running a Business 55 97.2
3. Taxation 103 77.6   6.4 Simplicity of Closing a Business 69 64.2
3.1 Tax Incentives and Administrative Burden 103 77.6   6.5 Corporate R&D 88 25.0
Note: ↑ ( ↓ ) indicates a rank increase (decrease) over a five-year period.
 
 
Peer Group Comparison
 
World (out of 125) Rank/Trend Score   Eastern Europe (out of 21) Rank/Trend Score
Ecuador 74 47.3   Georgia 12 53.8
Armenia 75 47.2   Ukraine 13 50.0
Uruguay 76 46.9   Macedonia 14 47.5
Serbia (selected) 77 46.1   Serbia (selected) 15 46.1
Panama 78 46.1   Croatia 16 46.0
Lebanon 79 46.0   Montenegro 17 44.8
Croatia 80 46.0   Belarus 18 33.7
Note: ↑ ( ↓ ) indicates a rank increase (decrease) over a five-year period.
Last updated: 12 June 2016