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Serbia has potential to become fast-growing economy, says World Bank official

Christian Fernsby |
Thanks to implemented reforms, Serbia has the potential for fast and dynamic growth at an annual rate of 7 percent, World Bank Vice President for Europe and Central Asia Cyril Muller said.

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Visiting World Bank delegation led by Muller said they were satisfied with Serbia's results "especially when it comes to surplus in the state budget, decreasing level of public debt, stable growth of investments and decrease in unemployment", according to a statement by Serbian president Aleksandar Vucic's cabinet.

Muller met with Vucic and several Serbian government officials in the day.

Vucic told Muller that Serbia will implement all necessary reforms, from tax administration to mining and energy so that it could achieve a 7-percent growth in the future.

"Serbia does not have problems with finances, but requires higher growth in order for people to achieve better living standard," Vucic said.

World Bank representatives also attended signing of three new agreements for loans with Serbia worth 142 million U.S. dollars that are intended for projects that will "contribute to modernization of tax administration, e-government, and regional trade".

Muller also had a separate meeting with Serbian Prime Minister Ana Brnabic, with whom he discussed upcoming reforms and improvement of legal framework and business environment.

According to official figures, the Serbian economy grew 2.3 percent year on year in the first quarter of 2019 from the same period last year. In 2018, it expanded around 4.4 percent.

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