Improvement in the business environment is also confirmed by Serbia’s progress on the World Bank’s latest Doing Business list, by four notches, to the 44th position among 190 countries. In view of the results achieved, we have revised our GDP growth forecast for this year from 3.5% to 3.6%, though there is a realistic possibility that growth might turn out even higher.
Growth is expected to pick up further to around 4% in 2020 and maintain similar dynamics in the medium term, driven by investment, exports and sustainably rising personal consumption. Consumption growth is also aided by the higher employment, owing to which the unemployment rate dropped to 10.3%, according to the latest available data.