Dun & Bradstreet: Economic crisis is starting to affect Serbia

(ANSAmed) - 07. January 2009. | Source: ANSAmed

According to the January report by Dun & Bradstreet (D&B), a company that provides credit information on businesses and corporations, the worsening of the global economic situation is starting to affect Serbia as well, reports VIP Daily News Report.

The report claims that Serbia is still a country of high risk, with a DB5 rating.

Out of four factors that influence the final rating, as the indicator or risk for the business environment in a certain country - political, macro-economic, commercial and external, political tremors are mostly responsible for the high risk rating Serbia received.

Since the increase of Serbian economy during the last years had been dictated by the increase of export, foreign investments and personal expenditure, the short-term perspective of Serbian macroeconomy will be affected by the decrease of global solvency, decrease of foreign investments in countries with increased risk rating, as well as the economic decrease in main EU countries, which are also trade partners of Serbia, the report states.

As the consequence of this state of affairs, D&B is expecting the decrease of Serbian growth to 2,5% in 2009 and 3,5% in 2010, compared to the average economic growth of 6,9% in the 2004- 2008 period.

The main element of the Serbian strategy for improving the business environment is the passing of the restrictive budged for 2009.

The aim of this budget is a deficit that equals 1,5% of GDP, in accordance with IMF recommendations.

The government is planning to cover the decrease of deficit from 2,7% (2008) to 1,5% in 2009 with profits from privatisation, new credits and the increase of taxes on gas, coffee and cigarettes, the report states. In accordance with the expectations of a quick economic decrease, D&B believes that the deficit in Serbia will surpass the planned 1,5%.(ANSAmed).

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