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publication May 7, 2019

Serbia’s New Growth Agenda

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Belgrade, Serbia


Serbia's economy could grow faster than the current growth rate of 3-4%, according to a new World Bank report, "Serbia’s New Growth Agenda". The study provides an analytical base to support a growth strategy that can help Serbia grow faster.

Key Messages

At 3-4% a year, Serbia is not growing as fast as it could. Yet, it is well-positioned to turn itself into a fast-growing and sophisticated modern economy, driven by the private sector. A new wave of structural reforms would be necessary to achieve this.

Under a new Growth Strategy Serbia could speed up growth, enable catch up with its peers in Central and Eastern Europe, and hasten convergence with the EU.

Starting on a path to achieve a level similar to Germany’s performance in such areas as financial sector depth, human capital, product market competition, and government effectiveness, Serbia could grow at 7% per year, doubling its income in a decade.

“Serbia’s New Growth Agenda” provides an analytical base to support a growth strategy that can help Serbia to grow faster.

Forthcoming analyses and policy papers focus on the following topics:

Speeding-up Growth

  • Serbia’s growth challenge and the New Growth Agenda.

Financing Growth

  • The financial sector as an enabler of small-firm growth.
  • Fiscal policy for growth.

Human Capital for Growth

  • The labor market.
  • Skills and education.

Raising Productivity and Exports

  • Firm-level productivity diagnostic.
  • Facilitation of business and investment, and internationalization of firms.
  • Product market regulation.

Download Serbia's New Growth Agenda (pdf)

Download Serbia's Growth Challenge (Concept Note, pdf)


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