Beyond the celebrations, however, a crucial question remains: Can a leaderless student movement with limited governing experience turn its electoral victory into lasting political change?
The election follows nearly two years of student-led demonstrations that began after a canopy collapsed at the Novi Sad railway station in 2024, killing 16 people. Protesters blamed corruption and cronyism for the disaster, transforming the tragedy into a broader campaign demanding accountability.
From Street Protests to Political Power
Visuals circulating on social media showed crowds taking to the streets of Belgrade and other Serbian cities shortly after the election results were announced. The student movement built nationwide support without a single leader and eventually fielded 250 candidates, including academics, lawyers, doctors, farmers, actors and musicians.
Its agenda centres on combating corruption, implementing judicial reforms and strengthening public institutions. However, maintaining unity could prove difficult once the movement begins governing.
“(The student movement created) such a shift in Serbia’s culture; we will just have to see if it lasts,” Katarina Popovic, a professor at the University of Belgrade, told news agency Reuters.
“We just hope that there are big goals that can keep them together long enough to deconstruct the system,” she added.
Thousands turned out to celebrate in the Serbian capital after the country's student protest movement ousted Aleksandar Vucic from power in a landmark election https://t.co/FmhOhM2HT7 https://t.co/ezcHMojwt7
— Reuters (@Reuters) October 27, 2026
Can the New Government Deliver Reforms?
Under Serbia’s constitution, the student-backed candidates have 90 days to form a government after parliament is convened following the announcement of the final election results.
The immediate challenges include passing a year-end budget, addressing rising public and private debt, reforming the police and intelligence services, and strengthening the judiciary.
The electoral victory is expected to bring significant changes to the country’s institutions and policies, particularly in tackling corruption, upholding the rule of law and improving public services. However, resistance from the bureaucracy and the movement’s limited experience in government could complicate the transition.
🇷🇸 It's well past midnight in SERBIA, and students are still CELEBRATING their election VICTORY over Vučić After months of political confrontation, they're taking the celebrations deep into the night. For a generation that has spent so much time protesting in the streets, tonight those same streets are hosting a VERY different kind of gathering. Writer: Oliver https://t.co/IS4eZ4iXpu
— Mario Nawfal (@MarioNawfal) October 26, 2026
“The students’ victory is likely to trigger broad institutional and policy changes centred on anti-corruption, the rule of law, and better public services. However, bureaucratic resistance to reforms and the movement’s limited governing experience could make the transition challenging,” Teneo Global Research said in a report on Monday.
Economic Pressures Add to Government Challenges
Economic conditions will present another test for the incoming administration. The International Monetary Fund projects Serbia’s economy to grow by 3 per cent in 2026 and 4 per cent in 2027. However, inflation rose to 4.1 per cent in September from 2.2 per cent in August, while the central bank has kept its benchmark interest rate at 5.75 per cent since 2024.
The student movement has also promised economic measures, including action against retail monopolies to reduce food prices, tax relief for lower-income groups, affordable housing initiatives and cheaper medicines.
At the same time, the new government will face a formidable political opponent. The Serbian Progressive Party (SNS), which is expected to remain a powerful opposition force, could challenge efforts to implement the movement’s proposed reforms.
“The new government would have to fight its corner,” warned Bozo Prelevic, a Belgrade-based lawyer and former co-minister of the interior, referring to the SNS.
Foreign Policy Poses Another Test
Foreign policy could further complicate the transition. The student-backed candidates oppose recognising Kosovo’s independence, which was declared in 2008. Meanwhile, relations with the European Union remain strained because of stalled accession talks and the need to normalise ties with Pristina.
The movement has also stated that it does not intend to impose sanctions on Russia, Serbia’s traditional ally and a major gas supplier. At the same time, the European Commission has offered support for reforms related to the rule of law and media freedom.
Despite the challenges, supporters believe the movement can identify suitable leadership to govern the country.
“I am sure (the Student List) will find a way, just as they have so far, to choose someone capable of governing,” said Savo Manojlovic of the student-friendly Move-Change movement, according to Reuters.
Serbia: Celebrations kicking off in Slavija Square, Belgrade. https://t.co/Ns8ctnnKOw
— Pierre Davide Borrelli (@PierreDavideB) October 25, 2026
The election marks a significant transition from nearly two years of street protests to an attempt to exercise political power. Whether the student-backed candidates can maintain their unity, overcome institutional resistance and deliver on their promises will determine whether their electoral victory produces lasting changes in Serbia’s political system.
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