avg., %  2.5 Households (over the next 5 years)  2.0  Firms (5 years ahead)  1.5  1.0  0.5  0.0 CY 20 05  07  09  11  13  15  17  19  21  Source: Bank of Japan. Notes: 1.
Based on the indicators in the first six months and the expected movements in the key sectors of the Serbian economy by the end of the year, we revised our economic growth projection for 2021 upward, from 6.0% to 6.5%. As always, we remain cautious, having accounted for all the risks associated with the further 2  course of the pandemic.