|GDP, current US$ billion||37.7|
|GDP per capita, current US$||5,340|
|School Enrollment, primary (% gross) (2015)||100.9|
|Life Expectancy at Birth, years (2015)||75.2|
The global financial crisis exposed the structural weaknesses in Serbia’s economic growth model and prompted the need for fiscal consolidation and an acceleration of the unfinished transition to a market economy. The rapid growth experienced by Serbia during 2001–08 was driven mainly by domestic consumption and led to significant internal and external imbalances that proved to be unsustainable.
The Government that formed following the April 2016 elections stepped up the implementation of structural reforms, broadening its focus to include a transformation of the social sector. Although the result of the recent presidential elections will necessitate a change in prime minister (given that the incumbent will become Serbia’s new president), the current emphasis on reforming the state administration, public finances, and the economy is expected to remain in place, along with pursuing the European Union (EU) accession process.
The Government’s economic reform program focuses on ensuring economic and financial stability, halting further debt accumulation, and creating an environment for economic recovery and growth to foster employment and raise living standards.
These goals will be achieved primarily through fiscal consolidation measures and an acceleration of structural reforms to remove existing bottlenecks to economic growth, including reform of state-owned enterprises (SOEs), creating the foundation for faster growth and private sector–led job creation over the medium term.
Last Updated: Apr 20, 2017