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The Serbian Economy Ten Years After The Global Economic Crisis

Author

Listed:
  • Milica Uvalić
  • Božidar Cerović†
  • Jasna Atanasijević

Abstract

The global financial crisis hit the Serbian economy severely in late 2008. The subsequent decade has been characterized by negative or very modest economic growth and Serbia is now just slightly above the development level of ten years ago. This paper analyses the most im-portant economic milestones during this decade and investigates why only modest progress has been made, despite various measures implemented by the Serbian gov-ernment. It examines the background to Serbia’s delayed transition and analyses the effects of the global economic crisis on the Serbian economy. It outlines the policy re-sponses and their results, focusing on public finance, foreign trade, reindustrialisation, FDI, the labour market, and sources of growth. The paper sets out the key challeng-es to accelerating Serbia’s economic growth and identifies the main elements of a new long-term development strategy.

Suggested Citation

  • Milica Uvalić & Božidar Cerović† & Jasna Atanasijević, 2020. "The Serbian Economy Ten Years After The Global Economic Crisis," Economic Annals, Faculty of Economics and Business, University of Belgrade, vol. 65(225), pages 33-72, April – J.
    • Handle: RePEc:beo:journl:v:65:y:2020:i:225:p:33-72
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    References listed on IDEAS

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    1. Reiner Osbild & Will Bartlett (ed.), 2019. "Western Balkan Economies in Transition," Societies and Political Orders in Transition, Springer, number 978-3-319-93665-9, March.
    2. Will Bartlett & Ivana Prica, 2011. "The Variable Impact of the Global Economic Crisis in South East Europe," Economic Annals, Faculty of Economics, University of Belgrade, vol. 56(191), pages 7-34, October-D.
    3. Gorana Krstić, 2016. "Why Income Inequality Is So High In Serbia: Empirical Evidence And A Measurement Of The Key Factors," Economic Annals, Faculty of Economics and Business, University of Belgrade, vol. 61(210), pages 23-46, July - Se.
    4. S. Estrin & M. Uvalic, 2014. "FDI into transition economies," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 22(2), pages 281-312, April.
    5. Jasna Atanasijević & Miloš Božović, 2016. "Exchange Rate as a Determinant of Corporate Loan Defaults in a Euroized Economy: Evidence from Micro-Level Data," Eastern European Economics, Taylor & Francis Journals, vol. 54(3), pages 228-250, May.
    6. Saul Estrin & Milica Uvalic, 2016. "Foreign Direct Investment in the Western Balkans: What Role Has it Played During Transition?," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 58(3), pages 455-483, September.
    7. Theodore H. Moran, 2014. "Foreign Investment and Supply Chains in Emerging Markets: Recurring Problems and Demonstrated Solutions," Working Paper Series WP14-12, Peterson Institute for International Economics.
    8. Will Bartlett & Milica Uvalić, 2019. "Higher Education and the Graduate Labour Market in the Western Balkans," Societies and Political Orders in Transition, in: Reiner Osbild & Will Bartlett (ed.), Western Balkan Economies in Transition, pages 47-59, Springer.
    9. Estrin, Saul & Uvalic, Milica, 2016. "Foreign direct investment in the Western Balkans: what role has it played during transition?," LSE Research Online Documents on Economics 67004, London School of Economics and Political Science, LSE Library.
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    Cited by:

    1. Miroljub Labus, 2020. "Transition And Post-Conflict Macroeconomic Policies In Serbia," Economic Annals, Faculty of Economics and Business, University of Belgrade, vol. 65(226), pages 73-102, July – Se.
    2. Jasna Atanasijević & Marko Danon & Zorana Lužanin & Dušan Kovačević, 2022. "Shadow Economy Estimation Using Cash Demand Approach: The Case of Serbia," Sustainability, MDPI, vol. 14(20), pages 1-19, October.

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    More about this item

    Keywords

    Serbia; Western Balkans; Transition; Global economic crisis;
    All these keywords.

    JEL classification:

    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • O20 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - General
    • P20 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - General
    • P27 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - Performance and Prospects

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