Pension funds continue to be of limited importance in Italy, whereas they play a pre-eminent role in the countries with more highly developed financial systems. Their equity portfolios are equal to about one third of total market capitalization in the United States and the United Kingdom.
Given the increasing attractiveness of Serbia as an investment destination and the Government’s ambitious plan concerning the construction of infrastructure, in our estimate it is quite realistic that the share of fixed investment will reach 25% in the next several years.