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:
GDP
ICT
IP
OIL
R&D
WEB
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
id okr-10986-20753
recordtype oai_dc
repository_type Digital Repository
institution_category Foreign Institution
institution Digital Repositories
building World Bank Open Knowledge Repository
collection World Bank
language English
en_US
topic 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
spellingShingle 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
World Bank Group
Rebalancing Serbia's Economy : Improving Competitiveness, Strengthening the Private Sector, and Creating Jobs
geographic_facet Europe and Central Asia
Serbia
description 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.
format Economic & Sector Work :: Policy Note
author World Bank Group
author_facet World Bank Group
author_sort World Bank Group
title Rebalancing Serbia's Economy : Improving Competitiveness, Strengthening the Private Sector, and Creating Jobs
title_short Rebalancing Serbia's Economy : Improving Competitiveness, Strengthening the Private Sector, and Creating Jobs
title_full Rebalancing Serbia's Economy : Improving Competitiveness, Strengthening the Private Sector, and Creating Jobs
title_fullStr Rebalancing Serbia's Economy : Improving Competitiveness, Strengthening the Private Sector, and Creating Jobs
title_full_unstemmed Rebalancing Serbia's Economy : Improving Competitiveness, Strengthening the Private Sector, and Creating Jobs
title_sort rebalancing serbia's economy : improving competitiveness, strengthening the private sector, and creating jobs
publisher Washington, DC
publishDate 2014
url 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
_version_ 1764445935463563264
spelling okr-10986-207532021-04-23T14:03:57Z Rebalancing Serbia's Economy : Improving Competitiveness, Strengthening the Private Sector, and Creating Jobs World Bank Group 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 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. 2014-12-17T16:24:11Z 2014-12-17T16:24:11Z 2014-06 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 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ Washington, DC Economic & Sector Work :: Policy Note Europe and Central Asia Serbia