The analyses of the process of transition in Serbia, made by some international institutions and organisations, have shown that the fundamental problems in our economy are ineffective institutions and necessity of overall infrastructure changes. The author considers that any significant economic growth in Serbia in the future is unrealistic in the unfavourable macro- and microeconomic business environment. She emphasises the necessity to implement institutional and infrastructure reforms, which should be the first postulate for growth of productivity and competitiveness of enterprises and national economy.