June 9 (SeeNews) - Serbia's gross domestic product (GDP) is expected to decrease by 2.5% in 2020, due to the coronavirus crisis, the World Bank said.
The country's economy will grow by 4.0% in 2021, the World Bank said in its June 2020 Global Economic Prospects report published late on Monday.
In its Europe and Central Asia Economic Update Spring 2020, published in April, the World Bank envisaged Serbia's economy to shrink by 0.5% this year as a result of the outbreak of the novel coronavirus (COVID-19), before growing by 4.0% in 2021.
"Supply chain disruptions and falling demand have caused a collapse in exports from the auto sector among the countries in Central Europe and the Western Balkans (Bulgaria, Hungary, Poland, Serbia)," the World Bank said.
The World Bank also said it forecasts a 5.2% contraction in the global gross domestic product (GDP) this year, which will be the deepest global recession in eight decades, despite unprecedented policy support.