Serbia’s contemporary multi-vector foreign policy and its economic implications

Filipović, Sanja and Zakić, Katarina (2025) Serbia’s contemporary multi-vector foreign policy and its economic implications. The Review of International Affairs, 76 (1195). pp. 503-528. ISSN 0486-6096; online: 2955-9030

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Abstract

The interplay between Serbia’s multi-vector foreign policy and economic results is the primary research subject of this article. It is explored by observing the connection between Serbia’s political cooperation with its four main strategic partners (the European Union, the United States of America, the Russian Federation and the People’s Republic of China) and the economic outcomes achieved in cooperation with these countries. The authors employ descriptive statistical and case study analysis to investigate whether four macroeconomic parameters—trade, foreign direct investment, loans, and grants—have been influenced by foreign policy. The analysis indicates that Serbia’s foreign policy orientation is significantly correlated with economic performance. The primary economic parameters linked to political influence are loans and grants. Other aspects of economic performance, such as trade and foreign direct investments, are less affected by political cooperation

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