Analysis of fiscal and monetary policy measures: Mitigate the effects of the COVID-19 pandemic in the Serbian organizations

Purpose: This study analyzes the fiscal and monetary policy measures implemented by the Republic of Serbia to mitigate the economic effects of the COVID-19 pandemic. This study evaluated their effectiveness in preserving economic stability, employment, and financial liquidity. This study employs a comparative analysis of fiscal and monetary policies using official data from the National Bank of Serbia and Ministry of Finance. A qualitative assessment of policy efficiency was performed along with an evaluation of their macroeconomic impact. This study finds that government interventions, including wage subsidies, tax relief, and monetary easing, play a crucial role in maintaining economic stability. While fiscal stimuli support short-term economic recovery, increased public debt poses long-term sustainability challenges. These findings highlight the importance of well-coordinated fiscal and monetary policies during an economic crisis. This study provides insights into policy effectiveness and offers guidance for future crisis management and financial stabilization strategies. This study contributes to the understanding of the role of policy responses in small economies during global crises. It provides a case study of Serbia, illustrating key takeaways applicable to similar economies that face economic shocks.