All News on Economics in Serbia

Employers want salaries cut by 25 percent

Employers want salaries cut by 25 percent

BELGRADE -- The Union of Employers of Serbia believes that "the fund of gross salaries in the public sector must be reduced by 25 percent."

Secretary General of the Union Dušan Korunoski has been quoted as saying that "it is better to do it now and avoid bankruptcy, than to afterwards cut salaries by 40 percent."

Serbia's New Finance Minister Unveils Reform Plan

Serbia's new Finance Minister, Dusan Vujovic, has presented a plan for the country's economic revival, based on stricter control of public spending, the fight against the "grey" economy, better rates of tax collection and reducing the costs of public companies.

WB: Budget support loan only after deal with IMF

WB: Budget support loan only after deal with IMF

BELGRADE -- World Bank (WB) Country Manager for Serbia Tony Verheijen has said that it is currently WB's priority to secure a USD 300mn loan for Serbia's flood recovery.

He noted that a budget support loan cannot be granted without the Serbian government's agreement with the International Monetary Fund (IMF).

WB expert: Public company directors need to be dismissed

BELGRADE - The directors of public companies need to be dismissed and the management should be entrusted to professionals who will make the companies profitable, said the World Bank chief economist for Serbia Lazar Sestovic.

Serbia's public companies continue to generate losses and request aid from the budget, Sestovic told the Radio and Television of Serbia.

Registered unemployment rate at 29.53 percent in May

BELGRADE - The number of the unemployed in Serbia totaled 778,577 people on May 31 this year, putting the registered jobless rate at 29.53 percent, according to the National Employment Service's data.

Average salary in June RSD 44,883

BELGRADE - The average net salary paid in Serbia in June 2014 amounted to RSD 44,883, which is higher by 1.6 percent in nominal and by 1.5 percent in real terms compared to May, the Statistical Office of the Republic of Serbia released on Friday.

Governor blames currency decline on "debts and Ukraine"

Governor blames currency decline on "debts and Ukraine"

BELGRADE -- National Bank of Serbia (NBS) Governor Jorgovanka Tabaković is "not worried" about the national currency reaching a historic low agaisnt the euro.

One euro was worth RSD 116.74 on Thursday, according to the mean exchange rate.

Tabakovic: Dinar's decline caused by debts and Ukraine

BELGRADE - National Bank of Serbia (NBS) Governor Jorgovanka Tabakovic has said she is not worried about the fall of the national currency to a historic low of RSD 116.74 for one euro on Thursday, explaining that the reasons for that were a bad state of Serbia’s public finances and the Ukraine crisis.

Udovicki: Radical changes lest we only work to pay interest

BELGRADE - Serbia will end up in a situation of no longer being able to finance its debts, of seeing the interest rates growing and everyone working only to pay interests, unless radical changes are introduced by the end of the year, Serbian Deputy Prime Minister Kori Udovicki said Wednesday.

"Serbia wanted capitalism, no place for socialist laws"

"Serbia wanted capitalism, no place for socialist laws"

BELGRADE -- Serbia has voted for a new social system - and it is capitalism, Serbia's Foreign Minister and First Deputy Prime Minister Ivica Dačić noted over the weekend.

Serbian minimum wage: Under one euro per hour

Serbian minimum wage: Under one euro per hour

BELGRADE -- Serbia's net minimum wage - deducting taxes and contributions for mandatory social insurance - will be RSD 115 per hour from July until December.

The Serbian government made the decision on Friday.

Donor conference provided "favorable loans"

Donor conference provided "favorable loans"

BELGRADE -- Marko Blagojević has said that out of EUR 995 million which donors pledged for Serbia during a conference earlier this week, "115 million are pure donations."

The rest, the head of the Serbian government's office for flood reconstruction explained, are favorable loans.

Independent cultural scene criticises new labour legislation

BELGRADE - Organisations that are part of the independent cultural scene feel that the amendments to the laws on labour, pension and disability insurance, state asset sale and bankruptcy continue the practice of shifting the burden of the economic crisis to the shoulders of the largest, and often the most vulnerable, layers of the society.

Vujovic: Serbia wants agreement with IMF on three-year loan

BELGRADE - Serbia wants to negotiate with the International Monetary Fund (IMF) regarding an agreement on a three-year loan that would help reduce the public debt and deficit and make the budget cuts easier, which would make austerity less painful, Serbia's Minister of Economy Dusan Vujovic said in an interview for Bloomberg.