Memorandum on the budget and economic and fiscal policy for the year 2011, with projections for the years 2012 and 2013

Pursuant to Article 31, paragraph 1, item 1) sub-point (5) of the Budget System Law („Official Gazette of the Republic of Serbia“, No.54/09),
The Government adopts

THE MEMORANDUM
ON THE BUDGET AND ECONOMIC AND FISCAL POLICY
FOR 2011, WITH PROJECTIONS FOR 2012 AND 2013

I MACROECONOMIC FRAMEWORK FOR THE PERIOD 2011-2013

1. Current Macroeconomic Trends

1.1 Economic Trends in 2009

The break point of economic trends in Serbia started in the second half of 2008 with the spill-over of negative effects of the global financial and economic crisis onto the Serbian economy and finance. The crisis, after the high rates of economic growth in the 2001-2008 period, caused economic activity and foreign trade to slow down and drop as a consequence of lowered foreign and domestic demand and reduction of foreign capital inflow due to investors’ caution and worsened conditions in the global financial markets. The following table shows the declining trends in the Serbian economy formed in the period of economic crisis.

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Memorandum on the budget and economic and fiscal policy for the year 2011, with projections for the years 2012 and 2013