While the previous two decades witnessed sustained growth and macroeconomic stability in Africa on the backdrop of reduced fiscal deficits and current account deficits, the global recession risks compromising our macroeconomic gains via the triple deficit problem of high fiscal deficits, high current account deficits and high private sector savings-investment gap.
These decisions of the leading central banks may affect capital flows to emerging economies, including Serbia. Carefully following the developments in the domestic and international markets, we responded in a timely fashion, which, along with full coordination with fiscal policy, helped further narrow the internal and external imbalances in 2016. This buttressed the resilience of our economy to influences from the international environment.