EBRD revises down GDP growth projections for Serbia to 2.1% in 2010.

By bne IntelliNews May 17, 2010
In its latest economic outlook, the European Bank for Reconstruction and Development (EBRD) lowered Serbia's GDP forecast for this year to 2.1% from 2.4%. EBRD chief economist Peter Sanfey said he expected stronger recovery of the Serbian economy in H2/2010. The EBRD also said that the east-European states face an uncertain recovery, with increasing differences in the growth pace of countries, and new risks arising from fiscal pressures and financial volatility in Western Europe. The lender added that there has been no evidence of a sustained recovery in SEE so far. The SEE region is now facing external risks as well, stemming from potential Greek crisis spillover and possible weaker EU growth as a result of either fiscal consolidation. On a related note, during the EBRD's annual meeting held in Zagreb over the weekend, Serbian deputy PM Bozidar Djelic said the country's public debt was at 32% of the GDP, noting that Serbia froze public sector salaries in October 2008.

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