"Violent protests, impact on the Serbian economy" - Minister of Finance: Investors are leaving, citizens are spending less
The violent scenes in Serbia over the past ten months have had a "not insignificant" impact on the national economy, Serbian Finance Minister Sinisa Mali said. According to him, this was evident from a drop in VAT collection and lower GDP growth, but he added that the impact on the economy would not be long-term and that a recovery was possible as early as next year.
Speaking after a session of the Social and Economic Council, Mali said the decline was a direct consequence of the blockades and violent scenes in the country and that, as a result, investors were avoiding Serbia and people were spending less.
"Let me remind you that last year we were the third fastest growing economy in Europe and we wanted to be number one this year with a GDP growth of 4.2%. Unfortunately, we are where we are, somewhere around 2% now," Mali said, adding that Serbia had registered a significant decline in Foreign Direct Investment (FDI) inflows in the last seven or eight months.
He noted that he did not believe the effect of the protests would be long-lasting.
"At the end of the day, you can see for yourself how many people gather in protests, the number is constantly decreasing. The academic year has started in the right way and, in my opinion, the situation is stabilizing," Mali said.
He said he was confident that, through accelerated growth and development and with more energy and effort, the country would fully recover from economic losses next year.
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