Cover -- CONTENTS -- RECENT ECONOMIC DEVELOPMENTS -- PROGRAM PERFORMANCE -- OUTLOOK AND RISKS -- PROGRAM POLICY DISCUSSIONS -- A. Fiscal Policy: Staying on Course towards Public Debt Sustainability -- B. Monetary and Financial Sector Policies: Rebalancing the Policy Mix and Reducing Vulnerabilities -- C. Structural Reforms: Overcoming Implementation Challenges -- PROGRAM MODALITIES -- STAFF APPRAISAL -- BOXES -- 1. Social Protection in Serbia -- 2. NPL Resolution Strategy -- FIGURES -- 1. Real Sector Developments, 2010-15 -- 2. Inflation and Monetary Policy, 2012-15
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The European Union (EU) is an important player at the international level, which has largely contributed to the smooth development of the world economy. Joining the European Union implies a fulfillment of various conditions. The authors focus on the example of the Republic of Serbia to analyze the legal and economic conditions that are requested for a membership in the European Union. In this regard, the legal conditions laid down in Chapter 23 were analyzed in the first part of the paper, through a review of the current status in the field of judiciary, fight against corruption and fundamental rights. Afterwards, the authors devoted a special attention to the study of some of the economic conditions that the Republic of Serbia must fulfill in the process of the European Union accession.
The global financial crisis unmasked Serbia's unsustainable pre-crisis growth model. Looking back, the Stand-By Arrangement (SBA) provided effective insurance against a financial meltdown, initiated the needed re-balancing of the economy, but could not prevent large job losses. Looking ahead, the transition to a more sustainable growth model remains incomplete and fragile. The export-led recovery is expected to continue picking up steam, but labor market conditions will remain difficult. The current account deficit is expected to remain relatively high, requiring significant capital inflows to
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This paper discusses the influence of the application of financial instruments in the Republic of Serbia. The global economic crisis, the effects of which will last for a long time, has left a significant impression on our country and its development. Our government has taken as its objective, and is developing guidelines for, a more efficient development process. Thus our interest is in this subject. The work is oriented more like an essay, but includes much data from scientific research. The aim of this project is to create strategic plans to raise confidence in financial instruments. This should begin to move the country out of the current state of crisis. A financial instrument is a contractual relationship that creates a right to the funds of counterparty and a financial liability for the other party or where there is an increase in capital of the other. Instruments that appear in our paper: shares (shares, stock), bonds (bonds and notes), and warrants (warrants). This paper consists of four chapters and concluding remarks. The first part presents the genesis of financial instruments, while the second chapter explains their types and functions. The third part covers strategic planning, while the fourth part is devoted to the current state of the economy in the Republic of Serbia. The concluding discussion summarizes the proposed strategic development goals and outlines possibilities for overcoming the crisis. Keywords: economic crisis, financial instruments, monetary reform
The SME development in Serbia, like in the most of the Western Balkans countries, shows a significant improvement. Serbia has adopted the SME development policy which is in accordance with the EU policies and is actively engaged on improvement of the business environment in order to foster the SME further expansion. It has moved from the phase of formulating policy and defining strategic objectives to implementing policy, particularly in the field of start-ups, provision of business services and dissemination of information. Analysis of the current framework conditions for the SME sector, and its role and significance, demonstrate considerable enhancements in transition period. However, SMEs in Serbia still face numerous problems, that this sector encounters in its business operating. The analysis of business environment for SMEs in Serbia has been performed through consideration of poll survey Global Entrepreneurship Monitor (GEM) as well as annual reports "SME Policy Index 2007" and "SME Policy Index 2009" which show realized progress in application of the European Charter for Small Enterprises in the Western Balkans with special emphasis on Serbia. The most important findings in the paper suggest that, despite realized progress, business environment in Serbia is still under-stimulating for SMEs development due to certain limitations of legal, procedural and financial nature, whereby defined recommendations for improvement of framework for business operating of SMEs in Serbia have been formulated.
Expansion of banking sector in Serbia, the result of regulatory reforms in financial system, has been followed by increased growth of capacities, productivity and profitability. Reduction in the number of banks, strengthening of the capital base and more efficient methods of management are the main characteristics of domestic banking during the past few years. Banking sector in Serbia encountered effects of the world economic crisis which was followed by the increase in bank interest rates, all increasing difference among interest rates at which banks launched their resources and referential interest rates of the European central banks, as well as crisis in trust of the citizens in the banking sector. Reduction of domestic savings on one hand and limited and expensive sources of financing in the world on the other resulted in narrower scope of business activities and increase in prices of banking services in Serbia. In order to bring about stabilization in banking sector in Serbia, the National Bank of Serbia and the Government took over a set of measures directed mainly towards perseverance of the level of the loan activities, increase in savings and attracting foreign investments.
After more than a decade of progress in building an institutional infrastructure for gender equality, the overall economic opportunities among women in Serbia still lag those among men. Women, on average, earn 86 percent of the wages of their coworkers who are men after one controls for differences in educational and job characteristics. In the labor market, women who have the same work profiles as men have similar chances to be employed; however, there are many obstacles confronting women in joining the labor market in the first place. Gender inequalities are pronounced in rural areas, where a high number of women serving as unpaid family members are deprived of the right to social security. Furthermore, the recently published Gender Equality Index ranks Serbia 12 percentage points below European Union average. The Index highlights areas where particular efforts are needed such as the domain of work, access to financial resources, and social activities (domain of time). This report focuses on better understanding the factors that influence women's economic opportunities in particular, an area in which significant inequalities remain. Women's economic opportunity is defined as a set of laws, regulations, and practices that allow women to participate in the workforce under conditions roughly equal to those of men, whether as wage-earning employees or as owners of businesses. As such, the report looks into the ability of women to accumulate and build-up critical endowments - education and health – and to participate in the labor market and have access to jobs. By reviewing the institutions and policies relevant to gender equality in access to economic opportunities in Serbia, the intention is also to point out necessary improvements in policies and programs that will encourage women's participation in the workplace and thus create a more productive economy overall. The analysis mostly relies on exploiting a new dataset for Serbia, the Survey on Income and Living Conditions (SILC), together with Labor Force Survey (LFS) data. Findings show that gender equality exists in Serbia in terms of both participation in and attainment of education. Women in the prime age group have better educational characteristics than men of the same age, while the opposite holds for the older population of women. Gender educational gaps among the poor and the bottom 40 percentof the income distribution (the bottom 40) are similar in size relative to the corresponding gaps in the general population. Nevertheless, individuals living in rural areas and the Roma population are disadvantaged and tend to have larger gender educational gaps. According to our findings,in rural areas, women have lower average educational attainment. Early school leavers among women are also more likely to live in rural areas. Number of indicators, such as,the enrolment rates in secondary education, average number of years spent in education and percentage of population that can expect to complete postsecondary education, have significantly lower values among Roma than nonRoma population.
