You have 10 free articles left this month. Get your freeBasic subscription now and gain instant access to more.

Serbia's economy to shrink by up to 2% in 2020 over coronavirus - President Vucic

Author Radomir Ralev
Serbia's economy to shrink by up to 2% in 2020 over coronavirus - President Vucic Aleksandar Vucic; Source: Serbia's President's Office

BELGRADE (Serbia), March 24 (SeeNews) - Serbia expects its economy to shrink by up to 2% in 2020 as a result of the coronavirus crisis, President Aleksandar Vucic said. 

"We will seek to limit the decline of our economy to minus 2%," Vucic said in a video file posted on the website of news agency Tanjug on Monday. 

Germany expects its economy to shrink by 5% in 2020 due to the coronavirus crisis and this would have serious consequences on Serbia, Vucic said in an address to the nation on Monday evening. 

Last week, Erste Group revised down its forecast for Serbia's gross domestic product (GDP) growth in 2020 to 1.5% from 4.0% due to the adverse effects of the coronavirus crisis. Weaker consumer confidence and quarantine measures will weigh on consumption, but the biggest risk entails a possible halt of investments, Erste Group said. 

Serbia has so far confirmed 249 coronavirus cases and three deaths related to the disease in the country. Health minister Zlatibor Loncar announced on March 6 the first case of the coronavirus infection in the country.

Compare