Serbia's economic performance solid, more efforts needed to boost growth - IMF

"Looking ahead, structural reforms are advancing, and prospects are bright," IMF's deputy managing director, Tao Zhang, said in a statement after a November 20-22 visit to Belgrade.

"Nonetheless, the road towards higher living standards is not without challenges and further efforts are needed to boost Serbia’s growth potential," Zhang said.

In Belgrade, Zhang held discussions with local authorities focused on Serbia’s recent economic developments and key policy challenges going forward.

In October, the IMF affirmed at 3.5% its earlier forecast for Serbia’s economic growth in 2019, which is a slowdown from last year's 4.3% expansion. However, the IMF expects growth to accelerate to 4.0% in 2020.

In July 2018, Serbia signed a 30-month Policy Coordination Instrument (PCI) with the IMF, following the successful completion of a three-year stand-by agreement.

The PCI is a non-financial arrangement focused on implementing structural reforms, including a tax administration reform aimed at raising the efficiency of revenue collection and improving the business climate.