World Bank revises upward its 2024 growth projection for Serbia to 3.5 pct

BELGRADE - The World Bank has revised upward its 2024 GDP growth projection for Serbia from 3 pct to 3.5 pct.

At a presentation of the institution's regular economic report for the Western Balkans, World Bank Senior Economist Lazar Sestovic said the projection had been revised following an increase in investments that was expected to result in slightly stronger economic growth.

"We will see the Q1 estimate - it seems that recovery has continued and that is one of the reasons why we have decided to revise the 2024 estimate upward," he said.

"Economic growth reached 2.5 pct in 2023 and will be at around 3.5 pct in 2024," Sestovic said, adding that Serbian GDP was expected to grow at a rate of 3-4 pct in the coming years.

Also, the World Bank expects Serbian inflation to decline further to 3.7 pct at the end of the year.