IMF: Serbia to be one of Europe's five fastest-growing economies

WASHINGTON - In its new forecast, the International Monetary Fund (IMF) said Serbia would become one of Europe's five fastest-growing economies, with average annual GDP growth of 3.52 pct in 2027-2031.

The IMF said a large-scale investment cycle associated with hosting EXPO 2027 Belgrade would the key driver of the country's economic growth, spurring construction of infrastructure, roads, railways and urban renewal, Euronews reports.

Unlike other countries where growth is based on household consumption, growth in Serbia will be driven mainly by public investment, underpinned by growing expenditures for exports and industrial investment, including Chinese investment in the mining sector, copper mining in particular.

Serbian economic growth will significantly exceed that of the eurozone in 2027-2031, with average annual GDP growth of just 1.2 pct expected in the eurozone and approx. 1.4 pct growth projected for the EU as a whole.

In the same period, the global economy is expected to grow by around 3.2 pct annually, the IMF report said.