[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-109026-en":3,"doc-seo-109026-105":30,"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":13,"seo_description":14,"update_tm":28,"read_time":29},109026,1099514068365,"Aurelia","https://ap-avatar.wpscdn.com/avatar/10000253d8d9f28188e?_k=1776742907772140068",8,"Research & Report","Serbia’s New Growth Agenda - Investment for Growth - Country Economic Memorandum","The memorandum analyzes Serbia’s investment performance and growth prospects, focusing on the levels, structure, and financing of past investments across private versus government and foreign versus domestic sources. Covering developments from the market transition in 2001 through 2018, it compares Serbia with other European transition economies. The review highlights persistently low investment driven by weak domestic private investment and low public investment, explains how savings affect investment capacity and external sustainability, and outlines policy directions to strengthen pro-growth macroeconomic measures and structural reforms.","Public Disclosure Authorized Public Disclosure Authorized  \nTHE WORLD BANK SERBIA  \nCountry Economic Memorandum  \nSerbia’s New Growth Agenda  \nInvestment for Growth  \nContents  \nAcronyms ...................................................................................................................................................... 3  \nExecutive Summary....................................................................................................................................... 4  \nIntroduction – Investment in Serbia ............................................................................................................. 6  \nPrivate Sector Investment............................................................................................................................. 7  \nLevel and Structure ................................................................................................................................... 7  \nHow to Unleash Private Investment ....................................................................................................... 10  \nPublic Investment ....................................................................................................................................... 10  \nEvolution of Public Investment ............................................................................................................... 10  \nHow to Sustain a High Level of Good Quality Public Investment? ......................................................... 13  \nFinancing Investment for Growth ............................................................................................................... 15  \nMacroeconomic Challenges: Why Savings Matter ................................................................................. 15  \nPrivate Sector Financing.......................................................................................................................... 18  \nGovernment Financing............................................................................................................................ 19  \nGoing Forward ............................................................................................................................................ 21  \nReferences .................................................................................................................................................. 23  \nAcronyms  \nBRA Business Registry Agency CAD Current Account Deficit  \nCAGR Compound Annual Growth Rate CEE Central and East European ECA Europe and Central Asia  \nEIB European Investment Bank EU European Union  \nFDI Foreign Direct Investment GDP Gross Domestic Product GFC Global Financial Crisis  \nIFI International Financial Institutions IMF International Monetary Fund MSME Micro, Small, and Medium Enterprises  \nNALED National Alliance for Local Economic Development  \nPIM Public Investment Management PPP Public-Private Partnership SME Small and Medium Enterprises SOE State-owned Enterprise  \nVAT Value-Added Tax  \nWEO World Economic Outlook  \nExecutive Summary  \nRecognizing that the recent growth episode was disappointing, the question now is whether Serbia can shift to more pro-growth macroeconomic policies and structural reforms . This chapter looks at levels and structure of past investments—private vs. government, foreign vs. domestic—and how those were financed. The period covered is from the start of the transition to a market economy 1 in 2001 and compares developments in Serbia with those in other European transition economies. In addition, a special focus is put on savings, since that is important not only as a source of investment, but also as a determinant of external sustainability.  \nSerbia is a transition economy that has low investment and slow growth. Serbia earned the third lowest growth rate among 16 Central and East European (CEE) countries: real growth averaged 1.2 percent from 2009 to 2018. This is the result of ","cbCaigmbRhO8pOSX","https://ap.wps.com/l/cbCaigmbRhO8pOSX","pdf",1555489,5,1,23,"English","en",105,"# Contents\n## Executive Summary\n## Introduction – Investment in Serbia\n## Private Sector Investment\n## Public Investment\n## Financing Investment for Growth\n## Going Forward\n## References","[{\"question\":\"What time period does the memorandum cover, and what is its comparison basis?\",\"answer\":\"It covers developments from the start of the transition to a market economy in 2001 through 2018 and compares Serbia with other European transition economies.\"},{\"question\":\"How does the memorandum characterize Serbia’s investment and growth performance?\",\"answer\":\"It describes Serbia as a transition economy with low investment and slow growth, noting that total investment fell from a peak in 2008 to about 18–19 percent of GDP over the following decade.\"},{\"question\":\"What factors are identified as key constraints on investment in Serbia?\",\"answer\":\"The memorandum highlights low national savings at the macro level, limited domestic private investment due to the business environment and access to financing, and constraints on public investment from the public investment management framework and delays in addressing 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