{
  "title": "Republic of Serbia: Selected Issues Paper",
  "publication": "IMF Staff Country Reports, July 15, 2013",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/republic-of-serbia-selected-issues-paper-40778",
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  "summary": "This Selected Issues paper on Serbia’s Article IV Consultation reviews the precrisis growth paradigm and its legacy vulnerabilities. The underlying growth model proved vulnerable to shocks, being associated with a high share of nontradable, low domestic savings, and a fragile external position.",
  "sections": [
    {
      "heading": "Summary",
      "content": "- Reviews Serbia’s Article IV Consultation focusing on the precrisis growth paradigm and its legacy vulnerabilities.\n- 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.\n- 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.\n- States Serbia’s postcrisis income gap remains larger compared to more advanced regional economies.\n- Identifies ongoing structural bottlenecks that undermine overall competitiveness and constrain growth potential."
    },
    {
      "heading": "Findings on the precrisis growth model and vulnerabilities",
      "content": "- High share of nontradable sectors in the economy.\n- Low domestic savings rates.\n- Fragile external position leaving the economy vulnerable to shocks.\n- Moderate convergence to EU income levels prior to the crisis."
    },
    {
      "heading": "Postcrisis outcomes and convergence",
      "content": "- Economic growth fell following the onset of the global financial crisis.\n- The slowdown in growth further reduced the pace of convergence toward EU income levels.\n- Serbia’s postcrisis income gap is larger relative to more advanced regional economies."
    },
    {
      "heading": "Structural bottlenecks and competitiveness",
      "content": "- Structural bottlenecks continue to undermine overall competitiveness.\n- These bottlenecks constrain Serbia’s growth potential."
    },
    {
      "heading": "Subjects and keywords",
      "content": "- Subjects: Aging, Corporate income tax, Expenditure, Labor, Pensions, Population and demographics, Taxes, Wages\n- 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\n\n---\n\n Content in this bundle\n\n- Republic of Serbia: Selected Issues Paper; IMF Country Report 13/207; June 17, 2013\n  - Republic of Serbia: Selected Issues Paper; IMF Country Report 13/207; June 17, 2013 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Republic of Serbia: Selected Issues Paper; IMF Country Report 13/207; June 17, 2013 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: July 15, 2013",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781484301302.002",
    "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.",
    "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.",
    "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 continue to undermine overall competitiveness.",
    "These bottlenecks constrain Serbia’s growth potential.",
    "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",
    "**Republic of Serbia: Selected Issues Paper; IMF Country Report 13/207; June 17, 2013**"
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