Analysis by Region - Europe - Serbia
The Ukraine war is exacting a toll on Serbian economy, which is now expected to see growth slow to 4.5% for the year even as inflation (standing at 9.6% in April) continues to rise. Russia is Serbia's fifth-largest trade partner (after Germany, China, Italy, and Romania), and it doesn't help that a slowdown is expected in those countries, too. Higher oil prices have contributed to the jump in inflation, although central bank still expects to see inflation to return to target range (3%, with a tolerance of +/- 1.5%) by the end of the year.
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