Serbia to see moderate economic decline, says EU Commission

European Commissioner for Economy Paolo Gentiloni [EPA-EFE/Virginia Mayo]

Serbia’s economy will experience a moderate decline this year of 1.8% owing to the relatively brief duration of extreme lockdown measures combined with the substantial support allocated to alleviating the consequences of the crisis, according to the European Commission’s autumn forecast published on Thursday.

Serbia will recover to pre-coronavirus levels and experience a 4.8% growth in 2021, stemming from investment and personal consumption. In 2022, Serbia will have a 3.8% growth rate, according to the report.

In its forecast, the European Commission also states that the economic downturn and substantial fiscal measures for coping with the consequences of the crisis will cause a major, but temporary increase in the general state’s deficit in 2020.

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