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Serbia to stimulate growth by attracting investments in next 3 years

Serbia will in next three years strive to decrease the share of public debt in the gross domestic product (GDP) and stimulate its growth by attracting investments that will create more jobs, finance minister Sinisa Mali said Tuesday.

The minister made the remarks at the presentation of the new “Economic Reform Program and Presentation of the Preliminary List of Structural Reforms 2019-2021” (ERP).

The most important strategic document in the economic dialogue with the European Commission and the members states of the European Union (EU), ERP was presented to public at the Palace of Serbia, where Mali revealed that Serbia will continue to stimulate GDP growth that is expected to be 4.4 percent by the end of this year.

Pointing out that the official projection of GDP growth for next year is at 3.5 percent, the minister explained that Serbia plans to further decrease the share of public debt in GDP, which now stands at 54.1 percent, as well to continue with the growth trend of foreign direct investments, which reached 2.6 billion euros this year.

He said that the government will continue to attract investors to open new factories and employ young people, and noted that according to the latest statistics, unemployment rate is at a historic minimum of 11.3 percent.

In addition to measures that will accelerate GDP growth, the government aims at a firm exchange rate and stable inflation, Mali highlighted and asked for support from the businessmen for the implementation of this ERP.

Serbia adopts such Economic Reform Program at the beginning of every yea, for the next three-year period, in order to prepare for participation in the process of economic and fiscal supervision of EU member states.

“In order to ensure sustainable economic growth, this document is produced annually and contains selected structural reforms that should contribute to the improvement of competitiveness, employment and economic growth,” the finance ministry said in a press release.

Source; Xinhua