Rebalancing Serbia's Economy : Improving Competitiveness, Strengthening the Private Sector, and Creating Jobs
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Washington, DC
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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.
Palabras clave
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