Republic of Serbia: Selected Issues Paper

IMF Staff Country Reports, July 15, 2013

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Republic of Serbia: Selected Issues Paper

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Bibliographic details

• Published: July 15, 2013
• Series: IMF Staff Country Reports
• DOI: https://doi.org/10.5089/9781484301302.002

Summary

• Reviews Serbia’s Article IV Consultation focusing on the precrisis growth paradigm and its legacy vulnerabilities.
• Concludes the underlying growth model was vulnerable to shocks, associated with a high share of nontradable output, low domestic savings, and a fragile external position.
• Notes that convergence to EU income levels was relatively moderate and that economic growth fell following the onset of the global financial crisis, further slowing the pace of convergence.
• States Serbia’s postcrisis income gap remains larger compared to more advanced regional economies.
• Identifies ongoing structural bottlenecks that undermine overall competitiveness and constrain growth potential.

Findings on the precrisis growth model and vulnerabilities

• High share of nontradable sectors in the economy.
• Low domestic savings rates.
• Fragile external position leaving the economy vulnerable to shocks.
• Moderate convergence to EU income levels prior to the crisis.

Postcrisis outcomes and convergence

• Economic growth fell following the onset of the global financial crisis.
• The slowdown in growth further reduced the pace of convergence toward EU income levels.
• Serbia’s postcrisis income gap is larger relative to more advanced regional economies.

Structural bottlenecks and competitiveness

• Structural bottlenecks continue to undermine overall competitiveness.
• These bottlenecks constrain Serbia’s growth potential.

Subjects and keywords

• Subjects: Aging, Corporate income tax, Expenditure, Labor, Pensions, Population and demographics, Taxes, Wages
• Keywords: Aging, Corporate income tax, CR, deficit, Europe, FDI inflow, GDP, Global, greenfield FDI, indexation rule, ISCR, pension, Pensions, resource revenue account, Serbia, tax expenditure, Wages

Content in this bundle

• Republic of Serbia: Selected Issues Paper; IMF Country Report 13/207; June 17, 2013
  • Republic of Serbia: Selected Issues Paper; IMF Country Report 13/207; June 17, 2013 (Markdown version)
  • Republic of Serbia: Selected Issues Paper; IMF Country Report 13/207; June 17, 2013 (PDF)