It is pretty obvious, furthermore, that macroeconomic policies in the US are exerting a considerable expansionary impetus. In fact, monetary policies in almost all countries have been quite easy over the past year, which in itself increases the probability that growth will strengthen rather than fade away.
Recessionary trends in the euro area will continue to have a negative impact on the Serbian economy in the remainder of the year, but modest economic growth of 0.5% is still expected in 2012 given the start of production in the automotive industry. The National Bank of Serbia last revised its key policy rate in January by cutting it down to 9.5%.