Serbia has not yet emerged from crisis - MAT editor.

By bne IntelliNews June 8, 2011
Industrial production in Serbia is currently lower by some 20% compared to the summer of 2008, which indicates that Serbia has not emerged from the crisis yet, Tanjug news agency reported citing Vladimir Vuckovic, editor-in-chief of MAT, a monthly macroeconomic bulletin published by the think-tank Economics Institute. He also said that the recent RSD appreciation was already demonstrating a negative effect on foreign trade. Vuckovic noted that the main economic indicators were negative in April, with industrial production dropping by 1.2% and manufacturing declining by 1.5% m/m. He pointed out that a very significant decline was observed in food industry. Vuckovic also said that the economic policies implemented by the government this year are of short-term character. These measures simply aim to alleviate the negative effects of lower wages and rising inflation on living standards. Vuckovic also criticized the announced payroll tax reduction, adding that it could lead to a wider budget gap.
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