All Western Balkan countries are in transition process liberalized their trade flows and accepted foreign direct investment attraction policy. Economic policy that respects these principles, implied by Washington consensus, should result with accelerated economic growth.This paper present an attempt to make a critical review of foreign direct investment atraction policy success in the Western Balkan countries and to determine whether attracted investments resulted with desirable economic effects. Special attention in the paper is dedicated to the analysis of quality of serbian markets to attract foreign investors and effects that certain type of investments had on economic growth. Results of the analysis indicate that Serbia, as other Western Balkan countries, need to refocus its policy in order to attract „greenfield“ foreign direct investments that have the most usefull efects on economic development. Also, future period imposes challenges of crucial changes of economic environment, because current economic environment characterized by corruption and high administrative barriers, additionaly disturbed by global econonomic crisis does not represent good environment for attraction larger amounts of greenfield investments.