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Projected economic growth for next year 1.5%
Belgrade,
31 October 2013
Minister of Economy Sasa Radulovic said today that the projected economic growth of Serbia for the next year is 1.5%, and that its achievement will largely depend on the speed and success of the reforms implemented by the Serbian government.
Radulovic told reporters after the presentation of the "White Book 2013" prepared by the Foreign Investors Council of Serbia that very harsh austerity measures are envisaged for the next year which have to be implemented in order to reduce budgetary deficit.
He explained that the intention is to facilitate growth significantly through regulatory reform and by assisting in the financing of companies, where the state will work together with banks through a new guarantee fund on lowering interest rates for the entire economy.
According to him, substantial funds have been set aside for this purpose in order to secure significant growth in other sectors as well, not only in agriculture and automotive industries.
If the privatisation procedure turns out to be as successful as we designed it, it can provide a significant boost to the economy, Radulovic noted.
He said that the Serbian government has set aside in the budget for 2014 considerable funds for transitional assistance to workers who will be laid off from the companies that are in the process of restructuring.
We have a responsible attitude towards all workers. Workers will not have breaks in their years of service, not even those that work in companies that are now in bankruptcy proceedings, the Minister underlined.
Severance pay will be provided to all workers who lose their job after the painful, but necessary cuts the Serbian government has to implement, Radulovic underlined, adding that the idea is to secure work for as many workers as possible in new companies that will be privatised under the new law.
He explained that the intention is to facilitate growth significantly through regulatory reform and by assisting in the financing of companies, where the state will work together with banks through a new guarantee fund on lowering interest rates for the entire economy.
According to him, substantial funds have been set aside for this purpose in order to secure significant growth in other sectors as well, not only in agriculture and automotive industries.
If the privatisation procedure turns out to be as successful as we designed it, it can provide a significant boost to the economy, Radulovic noted.
He said that the Serbian government has set aside in the budget for 2014 considerable funds for transitional assistance to workers who will be laid off from the companies that are in the process of restructuring.
We have a responsible attitude towards all workers. Workers will not have breaks in their years of service, not even those that work in companies that are now in bankruptcy proceedings, the Minister underlined.
Severance pay will be provided to all workers who lose their job after the painful, but necessary cuts the Serbian government has to implement, Radulovic underlined, adding that the idea is to secure work for as many workers as possible in new companies that will be privatised under the new law.
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