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Iosif Vangelatos, Inos Balkan General Manager

Need For Raw Materials On The Rise

The Serbian secondary raw materials industry has undergone a series of transformations over the course of the past 20 years. As the country is...

OTP Banka

Proud Of Generator Zero Project

OTP banka awards two million dinars to Fragment Panels, the New Winning Solution of the 2023 Generator ZERO Competition. Some of the solutions that...

Sanja Pešić, Alma Quattro CEO

Leaders For A Full Three Decades

Next year will be marked by the 30th anniversary of the founding of company Alma Quattro, which enriches its network of advertising media and...

Maja Marić, Owner And Director, Finexpertiza d.o.o.

Always Several Steps Ahead

FinExpertiza, which forms part of one of the world’s leading auditing companies, recently celebrated eight years of successful operations. Alongside auditing, accounting support, legal...

Danilo Savić, CEO, Data Cloud Technology

Reliable Partner To Giants

The state data centre in Kragujevac isn’t the only such centre in the region, but it is among the most modern. It has much...

H.E. Demetrios Theophylactou, Ambassador Of Cyprus

Optimism For War To End In 2023

The optimistic outlook is that most countries – particularly in the EU – have become much better at managing global challenges. The not-so-optimistic outlook is that geopolitics is characterised by increased volatility. Subsequently, geopolitics has major negative consequences for the global economy ~ Demetrios Theophylactou

This brief assessment concerning optimism, or luck thereof, as we enter 2023, taking into account the war in Ukraine, as well as ongoing conflicts in the Western Balkans, the Middle East and Eastern Mediterranean, focuses on the impact of the complex global situation on economies. The first part concerns the economy of Cyprus, while the second looks more broadly at global economic trends. The Cypriot economy grew by more than 6% of GDP by the end of 2022, surpassing the EU average. The annual growth rate was substantially higher than the EU average of 2.4% GDP and the eurozone’s 2.1%. Despite the serious challenges posed by the Russian invasion of Ukraine, the Cypriot economy proved resilient when other EU economies faced the risk of recession. Still, this optimistic outlook by no means ignores high inflation and rising energy prices. However, the negative effects of the ongoing war in Ukraine on economic activity appear to be unfolding slowly, inevitably impacting the outlook for 2023.

Real GDP growth in 2023 is forecast at 2.4%, driven by several factors, including the deterioration of EU economic sentiment and weakening of business confidence. When we look at the global picture, higher energy prices and interest rates will cause growth to slow across most of Europe, and other parts of the world, with some countries falling into recession. The energy shock will impact countries differently, with some hit quite hard and some continuing to perform relatively well. In conclusion, the optimistic outlook is that most countries – particularly in the EU – have become much better at managing global challenges, such as the pandemic. The not-so-optimistic outlook is that geopolitics is characterised by increased volatility. Subsequently, geopolitics has major negative consequences on the global economy. Assuming that the war in Ukraine ends in 2023, a most optimistic scenario will prevail in respect to economic performance. Let us hope that this will be the case, for the benefit of the world.

The President Of India Draupadi Murmu Visits Serbia

The President of India, Draupadi Murmu, has arrived on an official visit to Serbia, where she will stay for three days.  She was welcomed...

Italian Embassy In Belgrade Celebrates Festa della Repubblica 

At the residence of the Italian ambassador to Serbia, H.E. Luca Gori, the Day of the Republic of Italy was traditionally celebrated. In his address,...

H.E. Christopher Hill, U.S. Ambassador To Serbia

Mutual Understanding Is The Bedrock Of Community Resilience

Crises remind us to listen and be kind to one another, transcending divisions like politics and embracing our shared humanity Any crisis is a reminder...

H.E. Annika Ben David, Swedish Ambassador To Serbia

Freedom And Inclusion Strength Societies

Culture empowers the dynamic interplay of diversity, human rights and both social and economic cohesion, driven by the creative and cultural industries as drivers...

The President Of India Draupadi Murmu Visits Serbia

The President of India, Draupadi Murmu, has arrived on an official visit to Serbia, where she will stay for...

Slovenia To Take Up Seat Of UNSC Non-permanent Member For 2024-2025

Slovenia, not Belarus, will take up the seat of a non-permanent member of the UN Security Council for 2024-2025...

Čadež: The Western Balkans Is The Region Of Potential And Not Problems

Europe should accept, as soon as possible, the fact that the Western Balkans (WB) is not the region of...

Serbia To Celebrate The EU Green Week

Serbia is celebrating the EU Green Week again this year, with a set of events that brings together hundreds...

Elon Musk Reclaims Title Of World’s Richest Person

Elon Musk is once again the world’s richest person after leapfrogging French billionaire Bernard Arnault, after a slump in the...

The President Of India Draupadi Murmu Visits Serbia

The President of India, Draupadi Murmu, has arrived on an official visit to Serbia, where she will stay for...

Slovenia To Take Up Seat Of UNSC Non-permanent Member For 2024-2025

Slovenia, not Belarus, will take up the seat of a non-permanent member of the UN Security Council for 2024-2025...

Serbia To Celebrate The EU Green Week

Serbia is celebrating the EU Green Week again this year, with a set of events that brings together hundreds...

Elon Musk Reclaims Title Of World’s Richest Person

Elon Musk is once again the world’s richest person after leapfrogging French billionaire Bernard Arnault, after a slump in the...

Argentina’s Candidate Wins Vote To Lead UN Weather Agency

 Argentina's Celeste Saulo was appointed to head the U.N. weather agency on Thursday, a World Meteorological Organization (WMO) spokesperson...

The President Of India Draupadi Murmu Visits Serbia

The President of India, Draupadi Murmu, has arrived on an official visit to Serbia, where she will stay for...

Slovenia To Take Up Seat Of UNSC Non-permanent Member For 2024-2025

Slovenia, not Belarus, will take up the seat of a non-permanent member of the UN Security Council for 2024-2025...

Serbia To Celebrate The EU Green Week

Serbia is celebrating the EU Green Week again this year, with a set of events that brings together hundreds...

Elon Musk Reclaims Title Of World’s Richest Person

Elon Musk is once again the world’s richest person after leapfrogging French billionaire Bernard Arnault, after a slump in the...

Argentina’s Candidate Wins Vote To Lead UN Weather Agency

 Argentina's Celeste Saulo was appointed to head the U.N. weather agency on Thursday, a World Meteorological Organization (WMO) spokesperson...
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