Mali: 4.2 pct growth our goal for 2025 - I believe it will be highest in Europe

BELGRADE - Serbian Finance Minister Sinisa Mali said on Monday 4.2 pct GDP growth was the country's goal for 2025 and that he believed the growth rate would make Serbia the best-performing economy in Europe.

"We also expect growth to exceed 88 bln euros in absolute terms and pass 100 bln euros by 2027," he wrote in an article published in the Christmas issue of Vecernje novosti.

"Even though the European economic slowdown has impacted the Serbian GDP by at least 0.6 pp, we are succeeding in resisting challenges as much as we can, above all, by diversifying our manufacturing, investment and export activities. That way, we have succeeded in mitigating the effects of notably negative external shocks that began as early as in 2020 with the coronavirus pandemic and proceeded with the energy crisis caused by the war in Ukraine and the war in the Middle East after that. Apart from that, there are domestic factors as drivers of growth," he added.

"Private consumption, spurred by growth of salaries, pensions and employment, registered 4.3 pct growth. At the same time, investment into fixed assets rose by 8.1 pct, above all, due to higher construction work and private investment. Services also made a major contribution with 5.9 pct, especially in the trade, transport and tourism sectors, as well as in the expert and technical services and ICT sectors. How are we reversing the trend? Besides a diversification of investment and export activity, we have significantly accelerated the convergence with the EU through different channels," Mali noted.