Tabakovic: Serbia was one of Europe's fastest-growing economies in 2024

WASHINGTON - National Bank of Serbia (NBS) Governor Jorgovanka Tabakovic, who is also Serbia's governor at the International Monetary Fund, represented Serbia at a Washington meeting of the Swiss Constituency on Thursday.

"In 2024, Serbia maintained high GDP growth dynamics of 3.9 pct, which is one of the highest rates among European economies. Relative to the pre-pandemic level, the current figure is more than 18 pct higher," Tabakovic noted at the meeting.

"Since last May, inflation returned within the target corridor of 3±1.5 pct, and by the year’s end it is expected to be close to the target midpoint.

We have preserved the relative stability of the exchange rate of the dinar against the euro and secured record high FX reserves, more than twice their pre-pandemic level in 2019.

We have considerably increased our gold reserves, which now account for around 15 pct of our FX reserves.

The share of NPLs has been brought down to below 2.5 pct, their lowest level on record.

We also had a record year in terms of FDI inflow, which amounted to 5.2 bln euros, the highest in Western Balkan countries," an NBS statement quoted Tabakovic as saying.

"The latest periodic review on Serbia, published by Standard & Poor’s in early April, shows that Serbia has maintained strong prospects for GDP growth in the medium term and that the built buffers provide a strong backstop against potential shocks.

In conditions of significantly deteriorating projections of global growth prospects, such estimates by the rating agency, together with the expected continuation of high growth rates, are a reflection of confidence in the economic policy pursued in Serbia,” she also noted.