Challenges and Opportunities: How Business Survived in 2024

Globalnand challenges: From inflation to Mreopolitical

The year 2024 continued to bear the burden of global economic turmoil, which began during the covid pandemic and intensified due to geopolitical tensions. Inflation, which partially slowed down in 2023, experienced an increase again in some regions due to disruptions in supply chains and rising energy prices. The war in Ukraine continued to have a significant impact on the energy market, particularly in Europe, while sanctions against Russia and corresponding economic moves further shaped global trade. Developing countries faced mounting debt and credit servicing problems, which further deepened economic woesequality.

However, despite these challenges, the global economy has shown resilience. The technology sector, led by innovations in artificial intelligence (AI), continued to grow. AI has been a key driver of change in industries such as healthcare, finance, retail and manufacturing, enabling companies to improve efficiency and reduce costs. Particularly significant were the early implementations of AI solutions in the areas of predictive analytics and automation of production processes, which gave companies a competitive advantage. AI has also helped improve customer experience through personalization of offers and customer automationand support.

Marketjob title: Hybrid modeli vs. return traditional

The labor market continued to evolve, but also to polarize. Hybrid work models, which combine working from home and from the office, have become the standard in many industries. Companies have invested in digital collaboration tools, which have allowed employees greater flexibility and increased productivity. However, during 2024, several large companies decided to reduce or completely eliminate the possibility of working from home, returning employees to offices. This trend was particularly pronounced in the technology sector, where companies like Google i Apple required employees to spend most of the working week in the office. Reasons for these decisions included the need to improve collaboration, innovation and corporate culture, which was considered more difficult to achieve in remote working conditions. However, this move caused different reactions among employees, some of whom expressed concern about the loss of flexibility and balance between work and private life, which is also a consequence of the habits caused by the five-year period of intensive hybrid work initiated by covid pandemia.

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However, the lack of skilled labor remained a serious problem. The tech industry, where demand for programming skills, data analytics and cyber security has exploded, has faced a serious talent shortage. At the same time, Generation Z is increasingly preferring careers like influencers and YouTubers, which has led to a decreased interest in traditional occupations. In order to change this perception, many countries have launched initiatives that give young people a realistic insight into different professions. One of the most successful examples comes from Germany through the “Discover Your Talent” campaign, organized by the Federal Employment Agency. This campaign includes workshops, professional skills testing and company visits, allowing young people to gain hands-on experience and understand opportunities in trade and technical occupations. Another example comes from Australia, where the initiative “The Real Futures Program” aims to connect young people with the real labor market through mentoring, internships and the integration of technology into traditional occupations, such as agriculture and construction. These initiatives not only educate young people about different career opportunities but also highlight the importance of these occupations for society, thus increasing their attractiveness among the gens.raid Z.

In accordance with this trend, the Serbian Association of Managers launched the “Manager SAM na dan” initiative in 2024. The goal of the program is to provide high school students with an authentic insight into the work of managers, their responsibilities and obligations, along with exploring different careers and understanding the importance of the profession. Also, the program encouraged the development of attitudes towards work and key competencies, while the SAM management community helped young people to develop critical thinking and a better understanding of business. environment.

Serbia: Local specificities and opportunities

The Serbian economy in 2024 was influenced by global trends, but it also had its own specific challenges. Rising inflation continued to affect the purchasing power of the population, while small and medium-sized enterprises (SMEs) had problems accessing favorable financing. Global Payoneer study, which analyzed the business of SMEs in 15 countries of the world, this year also included over 250 companies from Serbia. Business in 2024, according to this study, showed that small and medium-sized enterprises (SMEs) continued to strengthen their importance in the global market, with the share of international clients reaching 46 percent, a further increase compared to previous years. Digital transformation remained a key priority, with as many as two-thirds of companies implementing or planning to implement artificial intelligence (AI) to improve customer experience, analyze data and optimize operations. However, global economic turbulence, including inflation and geopolitical conflicts, presented significant challenges for SMEs, especially in adapting to macroeconomic conditions. More than 40 percent of SMEs felt unprepared for global events such as geopolitical conflicts and trade wars, which indicated the need for better preparedness for macroeconomic changes. This study points to the need in Serbia for better risk management, including better preparedness for global economic shocks and business optimization through technology. Establishing a balance between innovation, sustainable development and resistance to external changes remains crucial for the long-term success of SMEs in Serbia in order to capitalize on trends and opportunities and further strengthen the influence of SMEs as one of the pillars economy.

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On the other hand, foreign direct investment continued to flow in, especially in the IT, manufacturing and renewable energy sectors. Digitization remains a priority for many Serbian companies. E-commerce continued its rapid growth, while traditional retail chains faced the challenge of integrating online and offline sales channels, as well as the impact of international marketplace platforms, primarily the Chinese platform TEMU, which tripled business revenues to 60 billion dollars in 2024, achieving significant growth in Europe, but also in Serbia, with up to 1.7 million delivered packages per monthnom level.

Industrye in focus

• Energetics and green transition: The energy crisis further accelerated the transition to renewable energy sources. Solar and wind power plants recorded record growth globally, while in 2024 Serbia launched several significant projects in the field of green energy.
• Retail and luxury goods: Retail sales recovered with changes in consumer habits. In the FMCG sector, the impact of selective recession and unstable purchasing power caused by further price increases, primarily services, is becoming increasingly noticeable. Premium and luxury brands showed remarkable resilience, as consumers from higher segments continued to spend on exclusive products, while in certain segments, more affordable luxury products remained a “guilty pleasure” moment for broader targets.jne groups.
• Technology i startup ekosistem: The technological sector in Serbia continued its dynamic development, led by startups dealing with artificial intelligence, blockchain and fintech solutions. Belgrade has confirmed its position as one of the leading technology centers in the region, attracting foreign indresser

The year 2024 was a year of challenges, but also an opportunity for innovation and growth, showing that adaptability is the key to success. Globally and locally, companies have demonstrated resilience and the ability to adapt in a dynamic environment. Digital transformation, sustainable development, implementation of AI tools, but also the integration of all these changes into company culture – represent a guide for the next a year…

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