Serbia beyond fiscal consolidation: A quest for dynamic, sustainable, inclusive growth

The fifth fiscal consolidation in Serbia was based on a comprehensive, multi-year program built on broad-based expenditure cuts, better revenue performance, and related structural reforms and pro-growth policies. The program exceeded all planned fiscal results (both nominal and structural) and had a beneficial impact on economic growth. To sustain macro-fiscal results and prepare the basis for dynamic, sustainable and inclusive long run growth, pending institutional and structural reforms must be completed, supplemented by a set of carefully designed and well implemented pro-development and pro-growth policies. In addition, improved competitiveness, enhanced capabilities and stronger connectedness are needed to respond to challenges of new technologies and changing global patterns.