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Country Context

Population, million6.9
GDP, current US$ billion63
GDP per capita, current US$9,181
Life Expectancy at Birth, years (2018)74.2

Serbia rebounded strongly from the impact of the global pandemic, with growth reaching 7.4 percent in 2021. After a strong recovery in 2021, however, several domestic and international factors have caused an economic slowdown. Growth in 2022 is forecasted at 3.2 percent, with risks tilted to the downside. 

Challenges include the performance of the Serbian energy sector and availability of electricity and gas in the winter of 2022-23, as well as the rising cost of financing the fiscal deficit and debt obligations in light of higher interest rates. 

Inflation has also increased significantly, with adverse effects on incomes of the poor and vulnerable. Over the medium term, the Serbian economy is expected to slow down and return to pre-pandemic growth levels after 2024 at the earliest.

However, Serbia still faces challenges that limit its potential growth, both in the short and medium to long term. With limited space for future stimulus packages, structural reforms are needed to bring the economy back to sustained growth, boost jobs and incomes, and strengthen resilience to shocks – while gradually transitioning to a greener and more resilient development trajectory.

Last Updated: Oct 12, 2022

basic schools that received school improvement grants to support training, technical assistance, and outreach and evaluation cost.


Serbia: Commitments by Fiscal Year (in millions of dollars)*

*Amounts include IBRD and IDA commitments
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Country Office Contacts

Belgrade, Serbia
Bulevar Kralja Aleksandra 86
11000 Belgrade, Serbia
+381 11 30 23 700