[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-109342-en":3,"doc-seo-109342-105":31,"detail-sidebar-cat-0-en-105":92},{"code":4,"msg":5,"data":6},0,"success",{"doc_id":7,"user_id":8,"nickname":9,"user_avatar":10,"doc_module":4,"category_id":11,"category_name":12,"doc_title":13,"doc_description":14,"doc_content":15,"file_id":16,"file_url":17,"file_type":18,"file_size":19,"view_count":20,"is_deleted":4,"is_public":21,"is_downloadable":21,"audit_status":21,"page_count":22,"language":23,"language_code":24,"site_id":25,"html_lang":24,"table_of_contents":26,"faqs":27,"seo_title":28,"seo_description":14,"update_tm":29,"read_time":30},109342,4398048949847,"Eliana","https://ap-avatar.wpscdn.com/avatar/400002536579ef2da7f?_k=1778318612642679267",8,"Research & Report","Public Finance Review - Fiscal Policy for a High-Income Serbia","Public Finance Review examines Serbia’s fiscal policy for a high-income trajectory, focusing on the foundations for macroeconomic stability and the sustainability of the current fiscal stance. It assesses recent developments in public finances, highlights fiscal risks and the role of fiscal policy in economic recovery, and translates findings into policy implications. The review analyzes revenue performance and tax system equity, proposes measures to improve spending efficiency and manage rigidities, and evaluates state-owned enterprise risks and public sector pay system reforms.","Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized  \nPublic  \nPub lic Disc losure Authorized  \nPublic Finance Review  \nFiscal Policy for a High-Income Serbia  \nPublic Finance Review  \nFiscal Policy for a High-Income Serbia  \n© 2025 The World Bank  \n1818 H Street NW, Washington DC 20433  \nTelephone: 202-473-1000; [Internet: www.worldbank.org](Internet: www.worldbank.org)[ ](Internet: www.worldbank.org)[Some rights reserved.](Some rights reserved.)  \nThis work is a product of The World Bank. The findings, interpretations, and conclusions expressed in this work do not necessarily reflect the views of the Executive Directors of The World Bank or the governments they represent.  \nThe World Bank does not guarantee the accuracy, completeness, or currency of the data included in this work and does not assume responsibility for any errors, omissions, or discrepancies in the information, or liability with respect to the use of or failure to use the information, methods, processes, or conclusions set forth. The boundaries, colors, denominations, links/footnotes and other information shown in this work do not imply any judgment on the part of The World Bank concerning the legal status of any territory or the endorsement or acceptance of such boundaries. The citation of works authored by others does not mean the World Bank endorses the views expressed by those authors or the content of their works.  \nNothing herein shall constitute or be construed or considered to be a limitation upon or waiver of the privileges and immunities of The World Bank, all of which are specifically reserved.  \nRights and Permissions  \nThe material in this work is subject to copyright. Because The World Bank encourages dissemination of its knowledge, this work may be reproduced, in whole or in part, for noncommercial purposes as long as full attribution to this work is given.  \nAttribution: Please cite the work as follows: “World Bank. 2025. Serbia Public Finance Review: Fiscal Policy for a High-Income Serbia. © World Bank.”  \nAny queries on rights and licenses, including subsidiary rights, should be addressed to World Bank Publications, The World Bank, 1818 H Street NW, Washington, DC 20433, USA; fax: 202-522-2625; email: [pubrights@worldbank.org](pubrights@worldbank.org).  \nCover photo: [holgs/istockphoto. com](holgs/istockphoto. com)[ ](holgs/istockphoto. com)[Cover & report design: Kane Chong](Cover & report design: Kane Chong)  \nTable of Contents  \nAcknowledgments  4  \nAbbreviations and Acronyms  5  \nList of Figures, Tables, and Boxes  6  \nSummary  8  \nChapter 1. Strong Macroeconomic Foundations Provide a Sound Basis for Fiscal Policy 16  \n1.1 Recent economic developments helped to consolidate public finances  17  \n1.2 The current fiscal stance and outlook are sustainable  20  \n1.3 Several fiscal risks need careful management  23  \n1.4 Fiscal policy played an important role in economic recovery 26  \n1.5 Policy implications and recommendations  27  \nChapter 2. Strengthening Revenues and Enhancing Equity 28  \n2.1 Recent revenue performance was strong  29  \n2.2 Revenue performance assessment  31  \n2.3 The progressivity of the tax system could be improved  34  \n2.4 The buoyancy of the Serbian tax system is comparable to its peers  36  \n2.5 The productivity and efficiency of the tax system is in line with comparators  37  \n2.6 Policy implications and recommendations  39  \nChapter 3. Getting More from Every Dinar Spent: Improving Efficiency and Managing Rigidities  40  \n3.1 The size and composition of public spending have changed in recent years  41  \n3.2 The efficiency of public expenditures could be improved  44  \n3.3 Expenditure policy could be made more equitable  51  \n3.4 Policy implications and recommendations  53  \nChapter 4. Managing State-Owned Enterprise Risks to Safeguard Fiscal Health  54  \n4.1 The SOEs reform agenda remains significant  55  \n4.2 Recent regulatory reforms help to address longstanding challenges  56  \n4.3 Ser","cbCaihSWr47DAy5A","https://ap.wps.com/l/cbCaihSWr47DAy5A","pdf",4465887,3,1,88,"English","en",105,"# Acknowledgments\n# Abbreviations and Acronyms\n# List of Figures, Tables, and Boxes\n# Summary\n# Chapter 1. Strong Macroeconomic Foundations Provide a Sound Basis for Fiscal Policy\n## Recent economic developments helped to consolidate public finances\n## The current fiscal stance and outlook are sustainable\n## Several fiscal risks need careful management\n## Fiscal policy played an important role in economic recovery\n## Policy implications and recommendations\n# Chapter 2. Strengthening Revenues and Enhancing Equity\n## Recent revenue performance was strong\n## Revenue performance assessment\n## The progressivity of the tax system could be improved\n## The buoyancy of the Serbian tax system is comparable to its peers\n## The productivity and efficiency of the tax system is in line with comparators\n## Policy implications and recommendations\n# Chapter 3. Getting More from Every Dinar Spent: Improving Efficiency and Managing Rigidities\n## The size and composition of public spending have changed in recent years\n## The efficiency of public expenditures could be improved\n## Expenditure policy could be made more equitable\n## Policy implications and recommendations\n# Chapter 4. Managing State-Owned Enterprise Risks to Safeguard Fiscal Health\n## The SOEs reform agenda remains significant\n## Recent regulatory reforms help to address longstanding challenges\n## Serbia’s SOE sector remains large by regional standards\n## Serbia’s SOEs carry significant fiscal cost and risk\n## A credit risk analysis of the largest SOEs reveals weaknesses\n## Policy implications and recommendations\n# Chapter 5. Toward a More Transparent and Equitable Public Sector Pay System\n## Serbia needs a reformed public sector pay system\n## Systemic weaknesses persist\n## Options for pay and grading reform\n## Different scenarios for implementation\n## Policy implications and recommendations\n# Annexes\n## Annex I: Health Excise Tax Assessment\n## Annex II: Altman Z score for selected SOEs\n# References","[{\"question\":\"What macroeconomic conditions does the review use as a basis for fiscal policy in Serbia?\",\"answer\":\"It emphasizes strong macroeconomic foundations, consolidating public finances through recent economic developments, and evaluates whether the fiscal stance and outlook remain sustainable.\"},{\"question\":\"How does the review evaluate Serbia’s revenue system and tax equity?\",\"answer\":\"It assesses recent revenue performance, examines progressivity of the tax system, and compares tax buoyancy, productivity, and efficiency with peers and comparators.\"},{\"question\":\"What reforms does the review propose regarding public spending and state-owned enterprise risks?\",\"answer\":\"It focuses on improving efficiency, making expenditure policy more equitable, and managing SOE-related fiscal risks through reforms and analysis of credit risks and regulatory changes.\"}]","Public Finance Review - 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