Small and innovative companies successfully adjusted to crisis circumstances, only

During the late transition process SME in Serbia had fast development due to established encouraging business environment and supportive policies. They became important economic agent taking into account their share in GDP formation and total employment. Facing the Global economic crisis Serbian economy went into recession, but from the end of 2009 modest recovery started. Unfortunately, from the mid 2011 sings of the repeat recession became clear, mainly related to recession and public sector problems in EU. In difficult circumstances some of Serbian SME succeeded to reorient themselves, especially small companies. Those fast growing companies and gazelles also found solution for development. At the same time medium scale enterprises could not adopt on worsening business environment and due to this fact for the first time during transition period the business demography for both companies and shops was negative in 2011. It seems that supportive policy for SME development now has to combine selective supportive measures for fast growing companies and gazelles and at the same time measures of quantitative sort – aiming to increase number of new companies and shops, as much as possible.