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The Government of the Republic of Serbia

In the service of citizens

Serbia will be economically ready to enter EU by 2012

Belgrade, 6 February 2007

Director of the Serbian Development Institute Edvard Jakopin said today that Serbia will be ready to enter the European Union in terms of economy by 2012 if it achieves a 7% annual economic growth and continues with reforms.

Speaking to today's edition of magazine "Ekonometar", Jakopin said that it is important for Serbia to complete preparatory work defined in the National Strategy of Economic Development from 2006 to 2012, whose priority goals are competition, knowledge-based economy and development of infrastructure.

He explained that the strategy envisages an average growth of GDP of 7% per year, with a high level of investment, rapid growth of exports and reduction in inflation, with a reduced foreign trade and payment deficit.

According to preliminary statistics for 2006, GDP will be larger by nearly 6.7%, and the Strategy of Economic Development would allow GDP to stand at $56.6 billion, or $8000 per capita, in 2012, said Jakopin.

He pointed to the fact that currently Serbia’s level of economic and general development is 43% of the 10 new members of the EU, adding that Serbia’s growth would reach 73% in 2012, if the aims of the Strategy are realised.

Serbia’s Strategy of Economic Development from 2006 to 2012 is based on macroeconomic stability aiming to reduce inflation to less than 5% annually, said Jakopin, and added that inflation this year should not be over 7%, by 2008 it should be less than 5%, and after 2009 it must remain below that level.