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World Bank raises Serbia's 2022 GDP growth forecast

World Bank raises Serbia's 2022 GDP growth forecast Source:

BELGRADE (Serbia), 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.