## Republic of Serbia: Selected Issues Paper

_IMF Staff Country Reports, July 15, 2013_

## Source details

**Canonical URL:** [Republic of Serbia: Selected Issues Paper](https://www.imf.org/en/publications/cr/issues/2016/12/31/republic-of-serbia-selected-issues-paper-40778)

## Other formats

- [Markdown version](/en/publications/cr/issues/2016/12/31/republic-of-serbia-selected-issues-paper-40778/index.md)
- [Structured JSON version](/en/publications/cr/issues/2016/12/31/republic-of-serbia-selected-issues-paper-40778/index.json)
- [Bundle manifest](/en/publications/cr/issues/2016/12/31/republic-of-serbia-selected-issues-paper-40778/bundle-manifest.json)

## Bibliographic details
- Published: July 15, 2013
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781484301302.002

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### 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

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## 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)](/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2013/_cr13207.pdf.md){rel="alternate" type="text/markdown"}
  - [Republic of Serbia: Selected Issues Paper; IMF Country Report 13/207; June 17, 2013 (PDF)](/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2013/_cr13207.pdf){rel="external" type="application/pdf"}

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_Source: https://www.imf.org/en/publications/cr/issues/2016/12/31/republic-of-serbia-selected-issues-paper-40778_