World Bank Revises Projection of Serbia’s GDP Growth Down by 1.3%

The growth of the gross domestic product (GDP) of Serbia should reach 3.2% this year and 2.7% in the next one, says the World Bank’s latest Global Economic Prospects report.

Compared to the World Bank’s projections from January, the estimate of the economic growth of Serbia for both years has been reduced by 1.3% each.

In the June Global Economic Prospects report, the World Bank projects that Serbia’s growth in 2024 will be 2.8%.

Warning that the Russian attack on Ukraine has exacerbated the damage caused by the coronavirus pandemic and that many countries are now facing a recession, the World Bank has reduced the projection of the global growth for 2022 by nearly a third, to 2.9%.

The report says that the outlook could worsen even further, considering that the Russian war in Ukraine is increasingly slowing down the global economy.

The president of the World Bank Group, David Malpass, warned of the increasing risk of stagflation, meaning a combination of a high inflation and a pronounced drop in economic activities.

Svetska Banka-WB Beograd

World Bank

David Malpass

GDP

economic growth prognosis

inflation

economic activity