EC: Economic Growth in Serbia to Be Dampened by Consequences of War in Ukraine

This year, the economic growth of Serbia will be dampened by the economic consequences of the Russian aggression against Ukraine and reach 3.4%, compared to the strong 7.4% in 2021, the European Commission (EC) projects in the economic forecast that was published today.

In the European as well, the real growth of the gross domestic product (GDP) will be lower than projected in the previous forecasts made in the autumn, as a consequence of the new challenges related to the war in Ukraine, according to the report “Spring 2022 Economic Forecast: Russian Invasion Tests EU Economic Resilience”.

When it comes to Serbia, the country can count on much more modest growth than in 2021 next year as well, namely 3.8%.

The EC also points to the great uncertainty and considerable risks to the growth of the Serbian economy.

Analysts expect the economic consequences of the Russian aggression toward Ukraine to have an impact on the growth, especially through the higher prices of raw materials, influencing the real available income and a reduced dynamic of trade with Serbia’s main trade partners in the EU.

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