January 12 (SeeNews) - The World Bank said it expects Serbia's economy to grow by 4.5% this year, 0.8 percentage points (pp) above the forecast it made in June 2021.
Serbia's economic growth in 2021 is estimated at 6.0%, versus a 5.0% estimate made in June, the World Bank said in its January 2022 Global Economic Prospects report published on Tuesday.
The World Bank forecasts 4.0% growth of Serbia's economy in 2023, slightly up from its 3.9% growth estimate made in June.
Growth in the Western Balkans is expected at 4.1% in 2022.
The 2021 economic output expansion of the Western Balkans region comprising Albania, Bosnia and Herzegovina, Kosovo, North Macedonia, Montenegro, and Serbia, is estimated at 5.9%.
"The recovery is expected to lose momentum as the external boost fades and confidence is dented by rising policy uncertainty, particularly in Bosnia and Herzegovina," the report said.