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Significance
As the IT industry expands, domestic companies are beginning to capitalise on local talent, and some have achieved unicorn status (market valuation of USD1bn). In the region’s largest economy, Serbia, the IT industry already accounts for 10% of GDP and total IT exports reached nearly EUR1.5bn (USD1.7bn) in the first ten months of 2021, up from EUR178mn in 2008.
Impacts
Growth of the regional IT industry and low living costs will prove a major draw for domestic talent and ‘digital nomads’.
Political and economic stability will play an important role in allowing regional IT firms to attract private capital.
Innovation in metaverse services will provide a boost to Serbian gaming firms.
Keywords:
Balkans,
EUR,
Bulgaria,
Croatia,
EU,
Montenegro,
North Macedonia,
Serbia,
economy,
industry,
corporate,
growth,
technology,
Diversified financial services,
IT software & services
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2022
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