World Bank raises growth forecast for Serbia for 2015 and next two years

The World Bank has raised the prediction for the growth of Serbia's gross domestic product (GDP) in 2015 and the next two years in its latest, January report dubbed 'Global Economic Prospects'.

The projected growth rate of Serbia's economy is thus raised by 1.3pp to 0.8% for the year 2015, by 0.3pp to 1.8% for 2016, and by 0.2pp to 2.2% for the year 2017.

In 2018, the World Bank expects the economy of Serbia to grow 3.5%.

The World Bank also looked at the global economy in the report, underlining that its growth disappointed again in 2015, decelerating to 2.4%, while this year might see a slower pace of recovery than initially envisioned, at least according to the WB report.

Namely, the global economy should grow 2.9% in 2016 as a modest recovery in advanced countries continues and activity stabilizes among major commodity exporters.

This growth would be faster than last year, which is estimated at 2.4%, but slower than predicted in June 2015, when the World Bank forecasted it would be at 3.3%.

A more protracted slowdown across large emerging markets could have substantial spillovers to other developing economies, and eventually hold back the recovery in advanced countries, the World Bank stresses in Global Economic Prospects.
- More than 40 percent of the world's poor live in the developing countries where growth slowed in 2015. Developing countries should focus on building resilience to a weaker economic environment and shielding the most vulnerable - said World Bank Group President Jim Yong Kim.

Svetska Banka-WB Beograd

Global Economic Prospects

Serbia GDP

gross domestic product

growth forecast for the economy of Serbia

Jim Yong Kim