October 12 (SeeNews) - The International Monetary Fund (IMF) said it expects Serbia's economy to grow by 3.5% this year, affirming its April projection.
Serbia's gross domestic product (GDP) is expected to grow by 2.7% next year, the IMF said in the October edition of its World Economic Outlook report published on Tuesday.
The latest IMF estimation is more optimistic than the latest World Bank forecast of 3.2% economic growth in Serbia in 2022.
Last year, Serbia's economic output expanded by an estimated 7.4%.
Serbia's average consumer price inflation is seen surging to 11.5%% in 2022 from 4.1% last year, before slowing to 8.3% in 2023, the IMF said.
The country's current account deficit, standing at 4.4% as a percentage of GDP in 2021, is forecast to expand to 8.4% in 2022 before falling to 7% next year.
The IMF projects that the economy of the Emerging and Developing Europe area will stagnate in 2022, before slightly expanding by 0.6% in 2023. The region includes Bosnia, Romania, Turkey, Bulgaria, Serbia, Croatia, Albania, Kosovo, Moldova, Montenegro and North Macedonia.
The global economy is expected to expand by 3.2% in 2022 and by 2.7% in 2023 as it continues to face challenges due to the Russian invasion of Ukraine, persistent and broadening inflation pressures and the slowdown in China, the IMF noted.