Republic of Serbia:Fourth Review under the Policy Coordination Instrument-Press Release and Staff Report

Fourth Review under the Policy Coordination Instrument-Press Release and Staff Report

Volume/Issue: Volume 2020 Issue 270

Publication date: August 2020

ISBN: 9781513555874

$18.00

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Topics covered in this book

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Exports and Imports , Economics- Macroeconomics , Public Finance , ISCR , CR , authority , economy , tax authority , limit balance sheet risk , policy priority , state aid , policy package , containment measure , Fiscal risks , Exchange rates , Loans , Global , Western Europe , Europe , COVID-19

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Summary

Recent economic developments. Notwithstanding a sizeable policy response, the COVID-19 pandemic is having a significant adverse impact on Serbia’s economic activity, with output in 2020 projected to contract by 3 percent, compared to a 4 percent increase expected prior to the COVID-19 shock. The shock is affecting the economy through lower external demand, weaker foreign direct investment and remittances, disruptions in regional and global supply chains, and domestic supply constraints. The government took strong actions to contain the pandemic at an early stage, but the number of infections accelerated again towards end-June. As a result, some containment measures have been re-introduced.