Small and medium enterprises account for over 99% of businesses in Serbia but have struggled due to the global recession. While these businesses employ over 65% of the workforce and contribute over half of GDP, exports, and imports, their competitiveness remains lower than EU averages. The 2008 global economic crisis necessitated a new growth model focused on exports, investment, and reduced spending while strengthening industry and services. The tourism sector, an important part of the economy, was negatively impacted by the recession though developed nations faced fewer effects. Local populations are now more aware of tourism's impacts, both positive and negative, on local economies.