Catching up with Hungary to take 30 years - economist

It will take 30 years for Serbia to catch up with Hungary and 50 years for it to achieve the German living standards, economists Vladimir Gligorov and Milojko Arsic have told Blic Biznis.

14 Jan 2020 16:59

BELGRADE - It will take 30 years for Serbia to catch up with Hungary and 50 years for it to achieve the German living standards, economists Vladimir Gligorov and Milojko Arsic have told Blic Biznis.

Gligorov, a long-time associate of the Vienna Institute for International Economic Studies, said that, with a long-term annual growth of 4 pct, Serbia would need between 50 and 85 years to reach the average income per capita of EU economies if they continued to grow at a rate of 2 pct.

According to the report, Arsic, a professor at the Belgrade Faculty of Economics, is a little more optimistic, having recently said that catching up with central European economies such as Hungary would take at least 30 years.

The condition for that is an annual growth rate of 5 pct during the period, but this is an optimistic scenario for Serbia because "few countries have managed to achieve such a high growth rate over a period of several decades," he said.

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