Siniša Mali, the First Vice President of the Serbian Government and Minister of Finance, met with investors in Washington, during the spring session of the IMF and World Bank. He discussed Serbia’s economic results, acknowledging that while the country has seen significant progress, protests and blockades could slow down economic growth and reduce space for new investments. The IMF reduced Serbia’s growth forecast from 4.2% to 3.5%, which Mali noted would lead to smaller increases in pensions, wages and investment opportunities.
Mali highlighted Serbia’s efforts in maintaining macroeconomic stability, which has enabled the country to achieve high growth rates. Despite global challenges, Serbia’s economy has demonstrated resilience, with the public debt at 43.9% of GDP, far lower than the Eurozone average of 88-89%. Last year, Serbia’s economy grew by 3.9%, significantly outpacing the European average of 0.9%.
He also discussed the country’s commitment to infrastructure development, education, and health, which he believes are crucial for sustainable growth and increased competitiveness. These investments, particularly in road infrastructure and high-speed railways, have made Serbia more attractive to foreign investors. In 2023, Serbia attracted a record-breaking 5.2 billion euros in foreign direct investment.
Mali also spoke about the importance of artificial intelligence, nuclear energy, and agricultural development, topics that were discussed during his meeting with World Bank President Ajay Banga. Additionally, he noted the significant interest in Serbia’s participation in the 2025 World Expo, with 94 countries already confirming their attendance.
Mali reaffirmed Serbia’s clear economic policy, focusing on increasing domestic demand, exports, and investments, particularly in infrastructure. This policy has resulted in wage and pension growth, with the aim of reaching an average wage of 1,400 euros by 2027.
In conclusion, Mali emphasized that Serbia’s economic stability, low public debt, and strategic investments have positioned the country to continue growing, even in the face of global crises.
