EBRD Projects Economic Growth of Serbia at 3.5% in 2024

The European Bank for Reconstruction and Development (EBRD) expects the economic growth of Serbia to amount to 3.5% in 2024, according to the EBRD’s Transition Report 2023-24.

– A longer-term economic convergence with the EU economies can be accelerated by green and digital transitions, strengthening the governance and raising the standards in public enterprises and a better integration of Serbian small and medium enterprises into global supply chains – says the report titled “Transitions Big and Small”, which was presented in Belgrade today.

According to the EBRD economists, in 2023, the economic growth of Serbia was supported by a successful agricultural season and the recovery of construction activities.

The host of the gathering, which was held in the National Bank of Serbia, was the governor, Jorgovanka Tabakovic, who emphasized that, in uncertain global circumstances, that is, particularly in the current global environment fraught with climate risks and challenges of the modern times epitomized in digitalization and robotization, the economic policy makers must create and maintain conditions conducive to sustainable and inclusive growth.

– The macroeconomic, financial and relative exchange rate stability that we have secured for more than a decade are critical for the welfare of all market participants and represent a focal point of interests of all – whether they are investors or importers, debtors or creditors. They are an important precondition for the happiness of any man – Tabakovic pointed out.

This year’s EBRD report focuses on important “big transitions” such as the shift towards a sustainable economy, the reconfiguration of global supply chains, and the scramble for the raw materials required by the digital and green economies, the Bank says.

The report uses unique data from the fourth round of the Life in Transition Survey, a household survey conducted in 2022 and 2023, to see how these macro-level trends translate into “small transitions”: career moves, changes in physical and mental health, the refurbishment of housing and – ultimately – changes in people’s satisfaction with life.

The survey includes interesting insights about Serbia, including the percentage of the subjects who are satisfied with their lives, and which has increased to 58% of those surveyed, but also the attitudes of the citizens toward the living environment and environmental policies, and close to 75% of the subjects are worried about the degradation of the living environment and climate change.

The annual publication also analyzes progress in economic development and structural reform, looking at whether economies are competitive, well governed, green, inclusive, resilient and integrated.

EBRD Evropska banka za obnovu i razvoj Beograd

Narodna banka Srbije Beograd

European Bank for Reconstruction and Development

EBRD

National Bank of Serbia

Jorgovanka Tabakovic

EBRD Transition Report 2023 2024

projection of growth of Serbian economy for 2024

green transition

digitalization