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World Bank slightly cuts Serbia's 2020 GDP growth forecast

Author Radomir Ralev
World Bank slightly cuts Serbia's 2020 GDP growth forecast Source: serbia.com

BELGRADE (Serbia), January 10 (SeeNews) – The World Bank said it expects Serbia's economy to grow by 3.9% this year, 0.1 of a percentage point (pp) below the forecast it made in June.

Serbia's economic growth is estimated at 4.0% in 2021, the same as the June forecast, the World Bank said in its January 2020 Global Economic Prospects report published on Wednesday.

The economic growth of Serbia slowed to an estimated 3.3% last year from 4.4% in 2018, the World Bank added.

The World Bank expects Serbia's economy to expand by 4.0% in 2022.

“In the Western Balkans, a deceleration in public investment (Kosovo), manufacturing (Serbia), and export growth (Albania, Serbia) contributed to a moderation in growth to an estimated 3.2% in 2019,” the World Bank said.

The outlook for the region remains challenging as falling business confidence and heightened uncertainty coincide with a worsening external environment, according to the report.

The Western Balkans region comprising Albania, Bosnia and Herzegovina, Kosovo, North Macedonia, Montenegro, and Serbia, will achieve economic growth of 3.6% in 2020, the World Bank said. Growth in the region is projected at 3.8% in both 2021 and 2022.

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