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The Government of the Republic of Serbia

In the service of citizens

Export-oriented economy precondition of regional growth

Belgrade/Vienna, 18 January 2011

State Secretary of Economy and Regional Development Nebojsa Ciric said today that the living standard of Serbian citizens will slightly improve this year with the unfreezing of salaries and pensions and the government’s anti-crisis measures.

Nebojsa Ciric

In a statement to the press at the Euromoney economic forum in Vienna, Ciric voiced his expectation that this year will be better for Serbian citizens than the previous one.

Public sector pensions and salaries have been unfrozen as of 1 January, and the government programme of measures to mitigate the effects of the global crisis in 2011 adopted, he recalled, adding that this should all enable citizens and the economy to live and do business better.

The state secretary said that the inflation rate in 2011 will be within the projected range of 4.5%, with aberrations of 1.5%, noting that further growth model for Serbia and countries in the region must be based on export.

Funds from foreign direct investment must not be used for consumption only, but also for initiating new investment cycles, Ciric underlined.

The only way in the medium to long term to secure greater resistance to the crisis is an export-oriented economy, which keeps the existing and creates new jobs, he said.

He pointed out that the Serbian economy, according to macroeconomic indicators such as GDP growth and export growth, above the regional average, noting that the challenges of our country are similar to those that EU countries are faced with.

Participation in the economic forum is important to hear the experiences of other countries and experts and bankers on the situation in the region and measures that governments should take, he stated.

Euromoney economic forum on investments, finance and economy in Central and Eastern Europe, which involved approximately 1,000 officials, investors, bankers and businessmen from Europe, is held today and tomorrow in Vienna.

The main topics of the conference are fiscal and monetary policy trends in the region, assessment of the results achieved in the field of economic recovery and the situation in the banking system and the borrowing growth trend of countries.