Rebalancing Serbia's Economy : Improving Competitiveness, Strengthening the Private Sector, and Creating Jobs

Rebalancing Serbia's Economy : Improving Competitiveness, Strengthening the Private Sector, and Creating Jobs

Serbia's economy is out of balance and performing below its potential. Since the post, Yugoslavian transition, Serbia's economy has been running on one engine, the non-tradable sector and expansion of domestic demand. This was financed wi...

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Bibliographic Details
Main Author:	World Bank Group
Format:	Policy Note
Language:	English en_US
Published:	Washington, DC 2014
Subjects:	ACCELERATORS ACCOUNTING ADMINISTRATIVE PROCEDURES AGE GROUP AGE GROUPS AGRICULTURE AUTOMOBILE AVERAGE WAGE BASIC METALS BENCHMARKS BEST PRACTICES BUSINESS CLIMATE BUSINESS ENTITIES BUSINESS ENTRY BUSINESS ENVIRONMENT BUSINESS OPPORTUNITIES BUSINESS REGISTRATION BUSINESS SECTOR BUSINESS SERVICES BUSINESSES CENTRAL BANK COMMERCIAL BANKS COMMUNICATION SERVICES COMPARATIVE ADVANTAGE COMPETITIVE PRODUCTS COMPETITIVENESS CONSUMPTION EXPENDITURES CONTRACT ENFORCEMENT CONTROL SYSTEMS COORDINATION MECHANISMS COPYRIGHT CREATING JOBS CREDIT CARD CREDIT CARD TRANSACTIONS CUSTOMS DEBT DEVELOPMENT AGENCY DISMISSAL DOMAIN DOMESTIC MARKET E-GOVERNMENT E-MAIL EARLY RETIREMENT EARNING ECONOMIC ACTIVITY ECONOMIC COMPETITIVENESS ECONOMIC GROWTH EGOVERNMENT ELECTRICITY ELECTRONIC FILING EMPLOYABILITY EMPLOYEE EMPLOYMENT PROSPECTS EMPLOYMENT RATE EMPLOYMENT RATES ENTERPRISE SURVEYS ENTREPRENEURIAL SKILLS EQUIPMENT EXPORT GROWTH EXPORT MARKET EXPORT MARKETS EXPORTS FINANCIAL RESOURCES FINANCIAL SECTOR FISCAL POLICY FOOD PRODUCTION FOREIGN TRADE FUNCTIONALITY GDP GDP PER CAPITA GLOBAL COMPETITIVENESS GLOBAL SUPPLY CHAINS GOVERNMENT REGULATION GROSS WAGE GROWTH RATE HARDWARE ICT INDUSTRIAL EMPLOYMENT INFORMAL ECONOMY INFORMATION SERVICES INFORMATION SYSTEMS INNOVATION INSPECTION INSPECTIONS INSTITUTION INSTITUTIONAL CAPACITIES INSTITUTIONAL CAPACITY INSTITUTIONAL FRAMEWORK INSURANCE INTERMEDIATE GOODS INVENTORY IP JOB CREATION JOB LOSSES JOB MARKET JOB SECURITY JOBS CRISIS LABOR ALLOCATION LABOR COST LABOR COSTS LABOR MARKET LABOR MARKET REFORMS LABOR MARKET RIGIDITIES LABOR PRODUCTIVITY LABOR PRODUCTIVITY GROWTH LABOR PRODUCTIVITY LEVEL LABOR REALLOCATION LAND USE LEGAL FRAMEWORK LEGISLATIVE FRAMEWORK LICENSES LIVING STANDARDS LOW EMPLOYMENT MANUFACTURING MANUFACTURING INDUSTRY MARKET ECONOMY MARKET FACTORS MARKET PLACE MARKET SHARE MARKET SHARES MARKETING MATERIAL NETWORKS NEW MARKETS OIL OLDER WORKERS ONE-STOP SHOPS OPEN ECONOMY OUTSOURCING PAID WORKERS PER CAPITA INCOME PRIVATE COMPANIES PRIVATE SECTOR PRIVATE SECTOR DEVELOPMENT PRIVATE SECTOR INVESTMENT PRIVATE SECTOR JOB PRIVATE SECTOR WAGE PRIVATE SECTORS PRODUCERS PRODUCT DIVERSIFICATION PRODUCTION FACILITIES PRODUCTIVE ACTIVITIES PRODUCTIVITY GAP PRODUCTIVITY GROWTH PRODUCTIVITY LEVELS PROPERTY RIGHTS PUBLIC SECTOR JOB QUERIES QUOTAS R&D REGISTRATION OF BUSINESS REGISTRIES REGISTRY REGULATORY ENVIRONMENT REGULATORY FRAMEWORK REGULATORY REQUIREMENTS RENT SEEKING RESOURCE ALLOCATION RESULT RESULTS RETAIL TRADE SECURE PROPERTY RIGHTS SERVICE SECTOR SEVERANCE PAY SEVERANCE PAYMENTS SKILLED LABOR SKILLED WORKERS SOFTWARE SERVICES STATISTICAL DATA STRUCTURAL CHANGE SUPERVISION SUPPLIERS SUPPLY CHAINS SURPLUS LABOR SURVIVAL RATE SUSTAINABLE GROWTH TECHNICAL KNOWLEDGE TECHNOLOGY TRANSFER TELECOMMUNICATIONS TELEPHONE TIME PERIOD TIME ZONE TOTAL EMPLOYMENT TOTAL REVENUE TRADE BALANCE TRADE COMPETITIVENESS TRADE DEFICIT TRANSITION ECONOMIES UNEMPLOYED UNEMPLOYMENT UNSKILLED LABOR UNSKILLED WORKERS USERS VALUATION VALUE ADDED VALUE CHAINS WAGE LEVEL WAGES WASTE MANAGEMENT WEB WEB SITE WORK HISTORY WORKER YOUTH UNEMPLOYMENT
Online Access:	http://documents.worldbank.org/curated/en/2014/06/20274628/serbia-competitiveness-policy-note-rebalancing-serbias-economy-improving-competitiveness-strengthening-private-sector-creating-jobs http://hdl.handle.net/10986/20753

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Summary:	Serbia's economy is out of balance and performing below its potential. Since the post, Yugoslavian transition, Serbia's economy has been running on one engine, the non-tradable sector and expansion of domestic demand. This was financed with ample capital inflows, which were sharply reduced since 2008 as the global economic crisis escalated. While this consumption-led growth produced some improvements in living standards, it was not sustainable and created hardly any formal jobs. This explains why Serbia's job market is also out of balance. Less than half of the working-age population has a job at all, and among those that are formally employed, almost half are employed in the public sector. This note identifies three priority areas and a set of specific measures which complement other important reforms, especially those related to improving the country's macroeconomic and fiscal position. The reforms will make it easier to invest, operate a business, and create jobs. The measures could be implemented within a relatively short period of time, since many of them build on the existing initiatives and address well identified problems. Priority area one, making it easier to operate businesses, by reducing excessive administrative burdens and making regulatory environment predictable; priority area two, making it easier to invest and expand business, by improving planning and construction permits procedures; and priority area three, making it viable to create formal sector jobs, by reducing labor market costs and rigidities.

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