Mali: Serbia has more than doubled its GDP per capita

BELGRADE - Serbian First Deputy PM and Finance Minister Sinisa Mali said on Tuesday Serbia had succeeded in increasing its GDP per capita to around 15,800 euros and that it was attracting more than 60 pct of all FDI in the Western Balkans, which he noted was contributing to the country's quick economic growth.

Mali was speaking at GLOBSEC's BELTALKS: Belgrade Economic Talks forum.

"If you look at the 2012 GDP per capita in Serbia, it was at around 4,800 euros per capita, while now it is, give or take, 15,800. Therefore, it has more than doubled," Mali said at a panel on the EU growth plan, an EU single market and the paths to EU integration.

He noted that, in the period since 2012, Serbia had had the fourth-highest GDP growth rate per capita in Europe.

"I think Ireland was in the number one position, followed by Romania and Bulgaria, I think. There are three things driving that growth in Serbia - investments, because, as you know, we are investing. This year, 7.4 pct of our GDP goes to capital expenditure. We are currently building ten new motorways," Mali said.

He noted that Serbia was also making considerable investments in the energy sector, a high-speed rail network and other infrastructure projects, and added that all those public investments were helping to accelerate growth and boosting job creation.

"At the same time, we have personal consumption, which is positive in real terms, a huge contribution to growth. Also, if you look at any report on Serbia's credit rating, that will be one of the conclusions, and also, if you look at the IMF report, there is also a third factor - FDI," Mali said, noting that Serbia had registered 5.2 bln euros worth of FDI last year.

Mali: Serbia firmly on EU path, but not all depends on us - it is a two-way street

BELGRADE - Serbian First Deputy PM and Finance Minister Sinisa Mali said on Tuesday Serbia was firmly on the EU path but that not all depended on it and that EU integration was a two-way street.

Mali was addressing a panel at GLOBSEC's BELTALKS: Belgrade Economic Talks forum.

"I would like to reiterate once again - we are firmly on the EU path, and Serbia is committed to the quickest possible EU integration. That is very important. But it is a two-way street, so not all depends on us. We have been in the process for 25 years now," Mali said.

"I think we have done much and hopefully, as some of the panelists have just mentioned, now is the time to complete the process in some way. I hope we will all finalise that in one way or another, because I think we have no choice. We are a part of the European family, we are a part of Europe and simply, once and for all, we want to complete this formal process and become a full EU member state," Mali said.

Speaking about reforms, Mali said Serbia had had a permanent agreement with the IMF since 2015.

"In fact, reforms in various areas are the essence of that agreement. Education, taxation, public administration, state-owned enterprises, etc. So, regardless of the EU path itself, we are fully committed to continued reforms for the sake of our policy and the citizens of the Republic of Serbia. That is the only way to make progress and raise the quality of life and living standards," Mali said.

He also said Serbia faced certain obstacles and challenges in its efforts to join the WTO.

"We are open, we will become an EU member in one way or another, and we also must be a part of the WTO. Therefore, it will not be an easy process for us, for reasons I think the people are familiar with, but we will get that done, too," Mali said.