Small and Medium Enterprises (SMEs) in Ireland While our event today will touch on issues relating both to SMEs and larger corporate businesses, I will focus my remarks on the SME sector. We are all aware of the enormous impact COVID-19 has had on our societies and our economies.
Therefore I would like to particularly emphasise that owing to reduced macroeconomic imbalances Serbia is now much more resilient to potential adverse impacts from the international environment. Lower fiscal deficit and stronger external position are our response to external shocks Thanks to consolidation, the fiscal deficit was reduced to 1.3% of GDP in 2016, while positive movements continue into the current year.