THE WORLD BANK PROJECTION: SERBIA'S ECONOMIC GROWTH 4.5% IN 2022

14. Jan 2022
Photo: business-standard.com

In its January Global Economic Prospects report, the World Bank retained a 4.5 % growth projection for the Serbian economy for 2022. The projection for 2023 also remains the same as in October 2021, at 4 %. this international financial institution also kept the autumn estimate of the GDP growth of Serbia in 2021 at 6.0 percent.

Unlike the October report, the new World Bank forecasts do not include individual chapters on economic situations by country.

This international creditor predicts moderate growth of the Western Balkans of 4.1 percent in the current year and 3.8 percent in 2023.

They also believe that the economic recovery in the region will lose momentum as the effects of external incentives weaken and due to the undermining of trust caused by growing political uncertainties, especially in Bosnia and Herzegovina.

It is further added that the region is expected to benefit from the recently adopted EU Economic and Investment Plan for the Western Balkans, which will mobilize funds to support competitiveness, inclusive growth, as well as green and digital transition.

When it comes to the global economy, the report says that after a strong recovery in 2021, the global economy is entering a noticeable slowdown due to threats from new strains of the covid 19 virus, rising inflation, debts and income inequality that could threaten the recovery of emerging economies and developing countries.

Global growth is projected to slow from last year's 5.5 percent to 4.1 percent in 2022 and to 3.2 percent in 2023, as accumulated demand, which was hampered by the pandemic, will dissipate as measures of fiscal and monetary support will be abolished around the world, RTS reports.

Source: rts.rs

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