Mountain resort hosts economic forum

The two-day Summer Vivaldi Forum dedicated to macroeconomic and business trends in business planning for next year began today in Mokra Gora on Mt. Zlatibor. Serbian Prime Minister Mirko Cvetkovic opened the forum in the western Serbian mountain resort with a speech entitled, "Economic policy before challenges of ending the crisis and post-crisis stabilization". Mountain resort hosts economic forum Cvetkovic stated on Friday that macro-economic stability has been ensured in Serbia and would continue in the year to come as well, and added that the year of 2012 would be much better than 2011. Cvetkovic pointed out that he is optimistic when it comes to Serbia's European integration. He said that the process is not merely a political issue and that its content is primarily economic, adding that this matter is of key importance for the country's economy and the living standard. The PM underscored that a giant step has been made in the process of European integration over the last three years, since the constitution of the current government, and expressed expectation that Serbia would obtain the EU candidate status by the end of the year and that the date of accession talks would also be set by then. Cvetkovic stated that the country's GDP is expected to increase by 3 per cent in 2011 and by 4.5 per cent in 2012, but these rates are still insufficient for the citizens to feel a notable change in terms of financial issues. He underscored that this is the reason why the authorities need to continue working on opening new jobs and reducing unemployment. Cvetkovic noted that Serbia has excellent relations with international financial institutions and most powerful countries such as China, Russia and the U.S. He announced that Serbia should close a precautionary arrangement with the International Monetary Fund (IMF), according to which some USD 1bn would be set aside for unanticipated problems. The Serbian PM said that it is not true that Serbia's loan takeout tendency has become excessive because this point was already established when the competent bodies adopted the budget and defined the deficit. The gathering in Mokra Gora is also attended by Professor of Applied Economics at Baltimore's Johns Hopkins University and advisor to presidents and government of many countries Steve H. Hanke, who is a special guest of the forum. The Summer Vivaldi Forum is organized by the Economics Institute of the Mokra Gora School of Management, in cooperation with the Serbian Chamber of Commerce (PKS). About 100 representatives of Serbian and foreign companies, banks organizations, institutions, and the private and public sectors have confirmed attendance. Participants include Serbian Deputy Prime Minister Verica Kalanovic, National Bank of Serbia Vice-Governor Bojan Markovic, IMF Resident Representative in Belgrade Bogdan Lissovolik, Serbian Chamber of Commerce President Milos Bugarin, and Privatization Agency Director Vladislav Cvetkovic. The forum will focus on macroeconomic and business trends for 2012, the challenges and priorities of ending the crisis and post-crisis stabilization, overcoming the risks of election year, development potentials, and risks and solutions for a sustainable recovery of the Serbian economy. The participants will also discuss public enterprises as a generator of illiquidity or development, the fiscal package for 2012, the policy of the central and business banks, and the effects of privatization in the past decade. Mirko Cvetkovic (Tanjug)

Mountain resort hosts economic forum

Cvetković stated on Friday that macro-economic stability has been ensured in Serbia and would continue in the year to come as well, and added that the year of 2012 would be much better than 2011.

Cvetković pointed out that he is optimistic when it comes to Serbia's European integration. He said that the process is not merely a political issue and that its content is primarily economic, adding that this matter is of key importance for the country's economy and the living standard.

The PM underscored that a giant step has been made in the process of European integration over the last three years, since the constitution of the current government, and expressed expectation that Serbia would obtain the EU candidate status by the end of the year and that the date of accession talks would also be set by then.

Cvetković stated that the country's GDP is expected to increase by 3 per cent in 2011 and by 4.5 per cent in 2012, but these rates are still insufficient for the citizens to feel a notable change in terms of financial issues.

He underscored that this is the reason why the authorities need to continue working on opening new jobs and reducing unemployment.

Cvetković noted that Serbia has excellent relations with international financial institutions and most powerful countries such as China, Russia and the U.S. He announced that Serbia should close a precautionary arrangement with the International Monetary Fund (IMF), according to which some USD 1bn would be set aside for unanticipated problems.

The Serbian PM said that it is not true that Serbia's loan takeout tendency has become excessive because this point was already established when the competent bodies adopted the budget and defined the deficit.

The gathering in Mokra Gora is also attended by Professor of Applied Economics at Baltimore's Johns Hopkins University and advisor to presidents and government of many countries Steve H. Hanke, who is a special guest of the forum.

The Summer Vivaldi Forum is organized by the Economics Institute of the Mokra Gora School of Management, in cooperation with the Serbian Chamber of Commerce (PKS).

About 100 representatives of Serbian and foreign companies, banks organizations, institutions, and the private and public sectors have confirmed attendance.

Participants include Serbian Deputy Prime Minister Verica Kalanović, National Bank of Serbia Vice-Governor Bojan Marković, IMF Resident Representative in Belgrade Bogdan Lissovolik, Serbian Chamber of Commerce President Miloš Bugarin, and Privatization Agency Director Vladislav Cvetković.

The forum will focus on macroeconomic and business trends for 2012, the challenges and priorities of ending the crisis and post-crisis stabilization, overcoming the risks of election year, development potentials, and risks and solutions for a sustainable recovery of the Serbian economy.

The participants will also discuss public enterprises as a generator of illiquidity or development, the fiscal package for 2012, the policy of the central and business banks, and the effects of privatization in the past decade.