|GDP, current US$ billion||36.1|
|GDP per capita, current US$||5080|
|Poverty rate ($5/day 2005PPP terms) (2013)||14.5|
|Life Expectancy at Birth, years (2014)||74.8|
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.
Following the elections of March 2014 and early elections of April 2016, a strong majority government was formed, giving Serbia a new opportunity to overcome the past fragmentation and build momentum for reform. The new Government is committed to focusing on transforming the state administration, public finances, and the economy, along with pursuing the European Union (EU) accession process.
The economic program for 2015–18 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.