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Svetlana Smiljanić, member of the executive board of Wiener Städtische Insurance

Ready for Future Challenges

„It is advantageous to be part of a large family, especially one with such a long tradition, reputation and strength as VIG, which currently...

Bojana Perić, Ekostar Pak General Manager

Recycling is an Opportunity

In the 14 years since its founding, Ekostar Pak has gained the trust of more than 840 companies, with in excess of 798,000 tons...

Novomatic Serbia

Fusing Tradition and Innovation with a Future Vision

NOVOMATIC AG stands out as one of the leaders of the global gaming industry. Founded in 1980 by Professor Johann F. Graf in the...

Pinar Yalcinkaya, MPC Properties CEO

Driving Impact through Innovation and Service Excellence

At MPC Properties, we’ve concentrated on using strategic planning and innovation to maintain our position as industry leader in the commercial real estate sector,...

Miloš Škorić, Gorda Director

Gorda Unites and Connects

“For three decades, we have been working and creating something good – not just for the awards, but primarily for the emotion. We respect...

Milojko Arsić, professor of the University of Belgrade Faculty of Economics

Uncertain Gains

Although 2024’s economic growth could be only slightly higher than this year’s, the fundamentals of that growth could be far more solid. However, a lot depends on geopolitical risks

The Serbian economy could achieve slightly faster GDP growth during the next year than it has this year, on condition that the situation doesn’t worsen significantly in the world economy, and particularly in the European economies, and that Serbia’s relations with the EU don’t deteriorate. GDP growth could reach 2.5-3% in 2024, which at first glance appears to be a modest increase compared to this year. However, it is important to consider that this year’s growth of 2% was largely a result of the one-off recovery of agriculture from last year’s drought, as well as the unusually high increase in construction activity. If not for these one-off factors that cannot be counted on reoccurring next year, this year’s GDP growth would have stood at around 1%.

The expected increase in the rate of GDP growth is based on the assumption that world market prices of energy and other primary products will remain at the current level over the coming year, but also that the European economies will grow somewhat faster than they did this year. Increases in state spending ahead of the extraordinary elections will have a positive impact on the growth of the economy in the first months of next year, but this effect will be short-lived and modest. On the other hand, interest rates, which will remain at a high level, will inhibit the stronger acceleration of economic growth.

The possible worsening of Serbia’s relations with the EU, which is the source of the majority of investments and loans in Serbia, and which receives the majority of Serbian export products, would impact on decelerating economic growth

High interest rates will have a negative impact on investments, including FDI, and will particularly impact activities such as construction, the production of capital equipment and consumer goods. The expansionary fiscal policy that was implemented in the last quarter of 2023 will slow the pace at which inflation declines, which will prolong the need for the National Bank of Serbia to implement a restrictive monetary policy, and this will in turn slow the economy’s recovery in the second half of next year.

The predicted growth could be lower if some of the geopolitical risks materialise, leading to a significant increase in energy prices. The possible worsening of Serbia’s relations with the EU, which is the source of the majority of investments and loans in Serbia, and which receives the majority of Serbian export products, would impact on decelerating economic growth. Finally, a poor agricultural season, which is becoming increasingly common due to climate change, could reduce GDP growth.

We expect inflation to continue to slow in the year ahead, but for it to be slightly higher than predicted in the government’s official documents. The reasons for this are the expansive fiscal policy in the pre-election period, rising labour costs, as well as the postponed increase in prices controlled by the administration. We expect that the average inflation rate over the next year could total 6-7%, while inflation would stand at around 5% by year’s end, which means that inflation would be halved compared to this year.

By Mirko Dautović

Sailing Stormy Waters

The name of the next resident of the White House will matter a lot in terms of global politics. However, more importantly, the U.S....

Dr Jonel Subić, Ph.D., Director of the Institute of Agricultural Economics (IAE), Belgrade

Using Resources Intelligently

As is the case in many other areas, the greater participation of clean technologies and innovations, optimal use of resources and improving health conditions...

Danijela Božanić, meteorologist

We’re Lacking Plenty

Viewed globally, the state and availability of water resources is acknowledged as the sector hardest hit by climate change. The National Adaptation Programme (NAP)...

Dipl. Ecc. Vesna Nešković, International Relations Officer, Faculty of Agriculture, University of Novi Sad

Reaching Optimal Solutions through Research

Our response is the ClimaPannonia project, which tests climate-resilience solutions in four sectors of agriculture and scales them across the Pannonian Plain for broader...

Gender Equality as a Foundation for Successful Business

Strategic Partnership between Addiko Bank and Women on Boards Adria to Promote Gender Equality and Increase Women’s Representation on...

Serbia Leads Europe in Growth of Foreign Tourism Revenue

Serbia achieved the strongest increase in foreign tourism revenue in Europe, according to the latest quarterly report by the...

Office for IT and e-Government Introduces New eSeal Cloud Service

The Office for Information Technology and e-Government has introduced eSeal in the cloud, a new service that allows public...

Denmark Encourages Serbia on Its Path to EU Membership

The expansion of the European Union is one of the priorities for the coming period, stated Denmark's Minister for...

Czech Prime Minister Petr Fiala Opens Czech House in Belgrade

Czech Prime Minister Petr Fiala opened the Czech House in Belgrade during an official visit to Serbia, highlighting that...

Belgrade to Host Global Partnership on Artificial Intelligence Summit in December

Belgrade will host the major Global Partnership on Artificial Intelligence (GPAI) summit on December 3rd and 4th, where discussions...

Polish Prime Minister Donald Tusk: EU is not complete without Serbia

Poland supports Serbia’s European path, and the European Union is not complete without Serbia, stated Polish Prime Minister Donald...

Montenegro Bans Single-Use Plastics Under New Law

In accordance with the Waste Management Law, Montenegro has officially banned plastic bags and single-use plastics as of this...

Serbia Cuts Shadow Economy by Over a Quarter in a Decade, Driven by Digital Reforms

Over the past decade, Serbia has significantly reduced its shadow economy, lowering it from 29.1% to 21.1% of GDP,...

Claudia Sheinbaum Sworn In as Mexico’s First Female President

In a historic moment for Mexico, Claudia Sheinbaum has been sworn in as the country's first female president, marking...

Belgrade to Host Global Partnership on Artificial Intelligence Summit in December

Belgrade will host the major Global Partnership on Artificial Intelligence (GPAI) summit on December 3rd and 4th, where discussions...

Polish Prime Minister Donald Tusk: EU is not complete without Serbia

Poland supports Serbia’s European path, and the European Union is not complete without Serbia, stated Polish Prime Minister Donald...

Montenegro Bans Single-Use Plastics Under New Law

In accordance with the Waste Management Law, Montenegro has officially banned plastic bags and single-use plastics as of this...

Serbia Cuts Shadow Economy by Over a Quarter in a Decade, Driven by Digital Reforms

Over the past decade, Serbia has significantly reduced its shadow economy, lowering it from 29.1% to 21.1% of GDP,...

Claudia Sheinbaum Sworn In as Mexico’s First Female President

In a historic moment for Mexico, Claudia Sheinbaum has been sworn in as the country's first female president, marking...
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