Serbian President warns of shifting foundations of world economy

Serbian President Aleksandar Vučić attended the opening ceremony of the 21st World Congress of Economists of the International Economic Association.

He said the world is living through a period in which the foundations of the global economy established over the past three decades are changing, making rapid adaptation essential, CE Report informs via the President of the Republic of Serbia's official website.

Addressing participants, Vučić stated that the world is undergoing profound transformations. He noted that for decades policymakers and economists operated in a relatively predictable environment characterized by deeper integration, freer trade, lower barriers, and increasing interdependence. Today, however, the world is simultaneously interconnected and fragmented, a contradiction that lies at the heart of many current challenges.

Speaking about global economic trends, Vučić said Europe is seeking to protect its industry and technology sectors, while the United States and China are leading the race in advanced technologies. He argued that Europe is developing mechanisms to safeguard its economy, industry, and IT sector, but cannot fully keep pace with the market competition driven by the two global powers.

Vučić stressed that it would be a mistake to believe globalization is coming to an end. According to him, globalization is evolving rather than disappearing, as international trade continues to grow despite frequent discussions about deglobalization. He said the structure of global trade is changing through new trade routes, partnerships, and geopolitical alliances.

He concluded that small and medium-sized countries such as Serbia must closely monitor global developments and adapt in a timely manner to preserve economic stability, attract investment, and secure long-term growth.

Photo President of the Republic of Serbia