Republic of Serbia Public Finance Review 2015 : Toward a Sustainable and Efficient Fiscal Policy
Since the global economic and financial crisis of 2008, Serbia has struggled with a weak economy and a deteriorating fiscal position. Until 2008, fiscal deficits were moderate and public debt declined significantly. Since the start of the global ec...
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| Format: | Report |
| Language: | English en_US |
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World Bank, Washington, DC
2016
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| Online Access: | http://documents.worldbank.org/curated/en/2015/09/24982245/serbia-public-finance-review-toward-sustainable-efficient-fiscal-policy http://hdl.handle.net/10986/24274 |
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okr-10986-24274 |
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oai_dc |
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Digital Repository |
| institution_category |
Foreign Institution |
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Digital Repositories |
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World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
RISK MANAGEMENT SYSTEMS DEFICIT RISKS LIABILITY ACCOUNTING GOVERNMENT FINANCES PEOPLE STROKE STOCK FISCAL DEFICITS PHARMACISTS ANTENATAL CARE INTEREST PREVENTION FAMILY SUPPORT LAWS PUBLIC INVESTMENTS GUARANTEES GOVERNMENT SPENDING EXCHANGE SOFT LOANS SOCIAL WORK LIQUIDITY TAX COLLECTION HEALTH CARE REVENUES PORTFOLIO FISCAL POLICY CERVICAL CANCER HUMAN RESOURCE MANAGEMENT HEALTH BREAST CANCER HIGH BLOOD PRESSURE TAX INCOME TAX PENSION SYSTEM CRIME PENSION REFORMS HYPERTENSION BUDGETING BENEFICIARIES GOVERNMENT SUPPORT INFLATION INTERNATIONAL BANK PENSION PUBLIC HEALTH LIFE EXPECTANCY DAY CARE FISCAL CONSTRAINTS BUDGET HOSPITALIZATION KNOWLEDGE MACROECONOMIC STABILITY LABOR MARKET VOLUNTARY SECTOR CURRENCY IMMUNIZATION PATIENTS PATIENT STRATEGIC INVESTORS OLD-AGE PENSIONS SMOKING INTERVENTION SECONDARY SCHOOLS FINANCES OPTIONS AGING NURSES MONETARY FUND MARKETING DEBT PRIVATE INVESTMENT PENSION REFORM DEFICITS PUBLIC FINANCE POLLUTION INCOME LEVELS LOANS DIRECT INVESTMENT SCREENING DEBT SERVICE COMPLIANCE COST MORTALITY LEGAL FRAMEWORK FINANCE TAXES FISCAL DEFICIT PRIMARY SCHOOLS EXPENDITURE TRANSACTIONS UNEMPLOYMENT INTERNATIONAL STANDARDS EQUITY INVESTORS DEBT RATIO HUMAN CAPITAL CAPITAL OUTLAYS GOOD WORKERS TAX RATE GOVERNMENT BUDGET SURGERY AGED TRANSPARENCY CASH TRANSACTIONS PENSION SYSTEM REFORMS MARKET CONDITIONS FINANCIAL CRISIS COMPLIANCE COSTS TURNOVER FUTURE PENSIONS CASH PAYMENTS FOREIGN DIRECT INVESTMENT BUDGETS SOCIAL POLICY HEALTH OUTCOMES GOVERNMENT EXPENDITURE INVESTMENT PROJECTS VICTIMS FINANCIAL PERFORMANCE EXPENDITURES AMORTIZATION DECISION MAKING CURRENT ACCOUNT DEFICIT TAX RATES MEASUREMENT SHARES REFUGEES NUTRITION MARKET INJURIES PUBLIC DEBT PRIMARY HEALTH CARE EXPORTER INTERNET RISK FACTORS INSURANCE GOVERNMENT DEBT WEIGHT PREGNANT WOMEN CARDIOVASCULAR DISEASES GOODS CHILDREN SECURITY INVESTMENT SHARE HEALTH FOR ALL INVESTMENT CLIMATE POVERTY ISOLATION TARIFF REVENUE TAX POLICY PROFIT INVESTMENTS RISK MANAGEMENT LIVING CONDITIONS JOINT STOCK COMPANIES PENSION FUND STRATEGY EXCHANGE RATE INSTRUMENT REGISTRATION FAMILIES CHILD HEALTH SERVICES MEDICINES PUBLIC SPENDING GAMBLING HOSPITALS LIMITED LIABILITY FOOD PROCESSING INTERMEDIARIES ARREARS HEALTH SERVICES IMPLEMENTATION INTERNATIONAL COMPARISONS PREGNANCY SMALL BUSINESSES TAX OBLIGATIONS |
| spellingShingle |
RISK MANAGEMENT SYSTEMS DEFICIT RISKS LIABILITY ACCOUNTING GOVERNMENT FINANCES PEOPLE STROKE STOCK FISCAL DEFICITS PHARMACISTS ANTENATAL CARE INTEREST PREVENTION FAMILY SUPPORT LAWS PUBLIC INVESTMENTS GUARANTEES GOVERNMENT SPENDING EXCHANGE SOFT LOANS SOCIAL WORK LIQUIDITY TAX COLLECTION HEALTH CARE REVENUES PORTFOLIO FISCAL POLICY CERVICAL CANCER HUMAN RESOURCE MANAGEMENT HEALTH BREAST CANCER HIGH BLOOD PRESSURE TAX INCOME TAX PENSION SYSTEM CRIME PENSION REFORMS HYPERTENSION BUDGETING BENEFICIARIES GOVERNMENT SUPPORT INFLATION INTERNATIONAL BANK PENSION PUBLIC HEALTH LIFE EXPECTANCY DAY CARE FISCAL CONSTRAINTS BUDGET HOSPITALIZATION KNOWLEDGE MACROECONOMIC STABILITY LABOR MARKET VOLUNTARY SECTOR CURRENCY IMMUNIZATION PATIENTS PATIENT STRATEGIC INVESTORS OLD-AGE PENSIONS SMOKING INTERVENTION SECONDARY SCHOOLS FINANCES OPTIONS AGING NURSES MONETARY FUND MARKETING DEBT PRIVATE INVESTMENT PENSION REFORM DEFICITS PUBLIC FINANCE POLLUTION INCOME LEVELS LOANS DIRECT INVESTMENT SCREENING DEBT SERVICE COMPLIANCE COST MORTALITY LEGAL FRAMEWORK FINANCE TAXES FISCAL DEFICIT PRIMARY SCHOOLS EXPENDITURE TRANSACTIONS UNEMPLOYMENT INTERNATIONAL STANDARDS EQUITY INVESTORS DEBT RATIO HUMAN CAPITAL CAPITAL OUTLAYS GOOD WORKERS TAX RATE GOVERNMENT BUDGET SURGERY AGED TRANSPARENCY CASH TRANSACTIONS PENSION SYSTEM REFORMS MARKET CONDITIONS FINANCIAL CRISIS COMPLIANCE COSTS TURNOVER FUTURE PENSIONS CASH PAYMENTS FOREIGN DIRECT INVESTMENT BUDGETS SOCIAL POLICY HEALTH OUTCOMES GOVERNMENT EXPENDITURE INVESTMENT PROJECTS VICTIMS FINANCIAL PERFORMANCE EXPENDITURES AMORTIZATION DECISION MAKING CURRENT ACCOUNT DEFICIT TAX RATES MEASUREMENT SHARES REFUGEES NUTRITION MARKET INJURIES PUBLIC DEBT PRIMARY HEALTH CARE EXPORTER INTERNET RISK FACTORS INSURANCE GOVERNMENT DEBT WEIGHT PREGNANT WOMEN CARDIOVASCULAR DISEASES GOODS CHILDREN SECURITY INVESTMENT SHARE HEALTH FOR ALL INVESTMENT CLIMATE POVERTY ISOLATION TARIFF REVENUE TAX POLICY PROFIT INVESTMENTS RISK MANAGEMENT LIVING CONDITIONS JOINT STOCK COMPANIES PENSION FUND STRATEGY EXCHANGE RATE INSTRUMENT REGISTRATION FAMILIES CHILD HEALTH SERVICES MEDICINES PUBLIC SPENDING GAMBLING HOSPITALS LIMITED LIABILITY FOOD PROCESSING INTERMEDIARIES ARREARS HEALTH SERVICES IMPLEMENTATION INTERNATIONAL COMPARISONS PREGNANCY SMALL BUSINESSES TAX OBLIGATIONS World Bank Group Republic of Serbia Public Finance Review 2015 : Toward a Sustainable and Efficient Fiscal Policy |
| geographic_facet |
Serbia |
| description |
Since the global economic and financial
crisis of 2008, Serbia has struggled with a weak economy and
a deteriorating fiscal position. Until 2008, fiscal deficits
were moderate and public debt declined significantly. Since
the start of the global economic and financial crisis in
2008, however, Serbia has struggled with the interlinked
problems of minimal growth and unfavorable fiscal dynamics.
As economic activity has stagnated, revenues have fallen and
expenditures, particularly mandatory spending on pensions
and wages, have remained high. At the same time, structural
fiscal issues, such as continued state support to
state-owned enterprises (SOEs) and tax administration
inefficiencies, have been a drag on growth. As a result of
these pressures, general government fiscal deficits averaged
5.6 percent of GDP a year between 2009 and 2014. Reflecting
the high fiscal deficits and poor economic growth, Serbia’s
public debt has more than doubled, from 34 percent of GDP in
2008 to 71 percent at yearend-2014. The objective of this
report is therefore two-fold: (i) policy options and
recommendations (beyond those built into the current
program) that would help solidify the ongoing fiscal
consolidation program and help achieve public debt
sustainability over the medium term; and (ii) given
near-term fiscal constraints, identify opportunities for
enhancing the efficiency, quality, and equity of current
public spending on health, education, and social protection
over the medium term |
| format |
Report |
| author |
World Bank Group |
| author_facet |
World Bank Group |
| author_sort |
World Bank Group |
| title |
Republic of Serbia Public Finance Review 2015 : Toward a Sustainable and Efficient Fiscal Policy |
| title_short |
Republic of Serbia Public Finance Review 2015 : Toward a Sustainable and Efficient Fiscal Policy |
| title_full |
Republic of Serbia Public Finance Review 2015 : Toward a Sustainable and Efficient Fiscal Policy |
| title_fullStr |
Republic of Serbia Public Finance Review 2015 : Toward a Sustainable and Efficient Fiscal Policy |
| title_full_unstemmed |
Republic of Serbia Public Finance Review 2015 : Toward a Sustainable and Efficient Fiscal Policy |
| title_sort |
republic of serbia public finance review 2015 : toward a sustainable and efficient fiscal policy |
| publisher |
World Bank, Washington, DC |
| publishDate |
2016 |
| url |
http://documents.worldbank.org/curated/en/2015/09/24982245/serbia-public-finance-review-toward-sustainable-efficient-fiscal-policy http://hdl.handle.net/10986/24274 |
| _version_ |
1764456298445799424 |
| spelling |
okr-10986-242742021-04-23T14:04:21Z Republic of Serbia Public Finance Review 2015 : Toward a Sustainable and Efficient Fiscal Policy World Bank Group RISK MANAGEMENT SYSTEMS DEFICIT RISKS LIABILITY ACCOUNTING GOVERNMENT FINANCES PEOPLE STROKE STOCK FISCAL DEFICITS PHARMACISTS ANTENATAL CARE INTEREST PREVENTION FAMILY SUPPORT LAWS PUBLIC INVESTMENTS GUARANTEES GOVERNMENT SPENDING EXCHANGE SOFT LOANS SOCIAL WORK LIQUIDITY TAX COLLECTION HEALTH CARE REVENUES PORTFOLIO FISCAL POLICY CERVICAL CANCER HUMAN RESOURCE MANAGEMENT HEALTH BREAST CANCER HIGH BLOOD PRESSURE TAX INCOME TAX PENSION SYSTEM CRIME PENSION REFORMS HYPERTENSION BUDGETING BENEFICIARIES GOVERNMENT SUPPORT INFLATION INTERNATIONAL BANK PENSION PUBLIC HEALTH LIFE EXPECTANCY DAY CARE FISCAL CONSTRAINTS BUDGET HOSPITALIZATION KNOWLEDGE MACROECONOMIC STABILITY LABOR MARKET VOLUNTARY SECTOR CURRENCY IMMUNIZATION PATIENTS PATIENT STRATEGIC INVESTORS OLD-AGE PENSIONS SMOKING INTERVENTION SECONDARY SCHOOLS FINANCES OPTIONS AGING NURSES MONETARY FUND MARKETING DEBT PRIVATE INVESTMENT PENSION REFORM DEFICITS PUBLIC FINANCE POLLUTION INCOME LEVELS LOANS DIRECT INVESTMENT SCREENING DEBT SERVICE COMPLIANCE COST MORTALITY LEGAL FRAMEWORK FINANCE TAXES FISCAL DEFICIT PRIMARY SCHOOLS EXPENDITURE TRANSACTIONS UNEMPLOYMENT INTERNATIONAL STANDARDS EQUITY INVESTORS DEBT RATIO HUMAN CAPITAL CAPITAL OUTLAYS GOOD WORKERS TAX RATE GOVERNMENT BUDGET SURGERY AGED TRANSPARENCY CASH TRANSACTIONS PENSION SYSTEM REFORMS MARKET CONDITIONS FINANCIAL CRISIS COMPLIANCE COSTS TURNOVER FUTURE PENSIONS CASH PAYMENTS FOREIGN DIRECT INVESTMENT BUDGETS SOCIAL POLICY HEALTH OUTCOMES GOVERNMENT EXPENDITURE INVESTMENT PROJECTS VICTIMS FINANCIAL PERFORMANCE EXPENDITURES AMORTIZATION DECISION MAKING CURRENT ACCOUNT DEFICIT TAX RATES MEASUREMENT SHARES REFUGEES NUTRITION MARKET INJURIES PUBLIC DEBT PRIMARY HEALTH CARE EXPORTER INTERNET RISK FACTORS INSURANCE GOVERNMENT DEBT WEIGHT PREGNANT WOMEN CARDIOVASCULAR DISEASES GOODS CHILDREN SECURITY INVESTMENT SHARE HEALTH FOR ALL INVESTMENT CLIMATE POVERTY ISOLATION TARIFF REVENUE TAX POLICY PROFIT INVESTMENTS RISK MANAGEMENT LIVING CONDITIONS JOINT STOCK COMPANIES PENSION FUND STRATEGY EXCHANGE RATE INSTRUMENT REGISTRATION FAMILIES CHILD HEALTH SERVICES MEDICINES PUBLIC SPENDING GAMBLING HOSPITALS LIMITED LIABILITY FOOD PROCESSING INTERMEDIARIES ARREARS HEALTH SERVICES IMPLEMENTATION INTERNATIONAL COMPARISONS PREGNANCY SMALL BUSINESSES TAX OBLIGATIONS Since the global economic and financial crisis of 2008, Serbia has struggled with a weak economy and a deteriorating fiscal position. Until 2008, fiscal deficits were moderate and public debt declined significantly. Since the start of the global economic and financial crisis in 2008, however, Serbia has struggled with the interlinked problems of minimal growth and unfavorable fiscal dynamics. As economic activity has stagnated, revenues have fallen and expenditures, particularly mandatory spending on pensions and wages, have remained high. At the same time, structural fiscal issues, such as continued state support to state-owned enterprises (SOEs) and tax administration inefficiencies, have been a drag on growth. As a result of these pressures, general government fiscal deficits averaged 5.6 percent of GDP a year between 2009 and 2014. Reflecting the high fiscal deficits and poor economic growth, Serbia’s public debt has more than doubled, from 34 percent of GDP in 2008 to 71 percent at yearend-2014. The objective of this report is therefore two-fold: (i) policy options and recommendations (beyond those built into the current program) that would help solidify the ongoing fiscal consolidation program and help achieve public debt sustainability over the medium term; and (ii) given near-term fiscal constraints, identify opportunities for enhancing the efficiency, quality, and equity of current public spending on health, education, and social protection over the medium term 2016-05-10T21:26:12Z 2016-05-10T21:26:12Z 2015-06-24 Report http://documents.worldbank.org/curated/en/2015/09/24982245/serbia-public-finance-review-toward-sustainable-efficient-fiscal-policy http://hdl.handle.net/10986/24274 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, DC Economic & Sector Work Economic & Sector Work :: Other Financial Sector Study Serbia |