Budget deficit in 2012 likely at 6.1% of GDP

The latest estimates reveal that Serbia's budget deficit in 2012 will be at 6.1 percent of gross domestic product (GDP), which is less than expected.

Izvor: Tanjug

Thursday, 22.11.2012.

18:27

Default images

BELGRADE The latest estimates reveal that Serbia's budget deficit in 2012 will be at 6.1 percent of gross domestic product (GDP), which is less than expected. This was announced on Thursday by State Secretary at the Ministry of Finance and Economy Vlajko Senic. Budget deficit in 2012 likely at 6.1% of GDP At a meeting organized at Tanjug's Press Club under the title “Serbia in conquering world markets - can Serbia's economy be kick-started?”, Senic said that a radical fiscal consolidation is planned for the next year, and the deficit should be reduced to 3.6 percent of the GDP. The recovery of Serbia's economy would take three years at least, he noted, adding that the next year will show whether we are heading in the right direction, while the 2013 budget will be one of the indicators, as it is ambitious in positive sense of the word. Senic recalled that this year, the draft budget was sent to the parliament in time so that it could be adopted within the set timeframe, so that the state could enter the next fiscal year with ease. Apart from the fiscal consolidation, structural changes are also important which are reflected in two directions, and these are: setting the deadline, i.e. June 30, 2014, for the restructuring of public companies, and adoption of the draft law on public companies, the state secretary added. Henry Bonnet, director of the Konrad Adenauer Foundation in Serbia, which organized today's meeting at Tanjug's Press Club together with Business Info Group, noted that Serbia is faced with the difficult economic situation, but also gross corruption as up to now, there has been no serious fight against that negative social phenomenon. The question arises whether the Serbian government could be expected to demonstrate greater courage in that respect, he added. Bonnet underlined that not only the crisis of Serbian economy, but also those of neighboring countries are felt in Belgrade, as investments decreased, and there is a lower demand for Serbian goods in the foreign market. Tanjug

Budget deficit in 2012 likely at 6.1% of GDP

At a meeting organized at Tanjug's Press Club under the title “Serbia in conquering world markets - can Serbia's economy be kick-started?”, Senić said that a radical fiscal consolidation is planned for the next year, and the deficit should be reduced to 3.6 percent of the GDP.

The recovery of Serbia's economy would take three years at least, he noted, adding that the next year will show whether we are heading in the right direction, while the 2013 budget will be one of the indicators, as it is ambitious in positive sense of the word.

Senić recalled that this year, the draft budget was sent to the parliament in time so that it could be adopted within the set timeframe, so that the state could enter the next fiscal year with ease.

Apart from the fiscal consolidation, structural changes are also important which are reflected in two directions, and these are: setting the deadline, i.e. June 30, 2014, for the restructuring of public companies, and adoption of the draft law on public companies, the state secretary added.

Henry Bonnet, director of the Konrad Adenauer Foundation in Serbia, which organized today's meeting at Tanjug's Press Club together with Business Info Group, noted that Serbia is faced with the difficult economic situation, but also gross corruption as up to now, there has been no serious fight against that negative social phenomenon.

The question arises whether the Serbian government could be expected to demonstrate greater courage in that respect, he added.

Bonnet underlined that not only the crisis of Serbian economy, but also those of neighboring countries are felt in Belgrade, as investments decreased, and there is a lower demand for Serbian goods in the foreign market.

Komentari 0

0 Komentari

Možda vas zanima

Podeli: