Analysis by Region - Europe
We have lowered our 2022 GDP growth forecast for Serbia again to 3.2% to reflect the impact of the war in Ukraine and the ensuing European energy crisis. Inflation has continued to rise, hitting 15% in October. Similar to global trends, price increases are widely spread across the basket of goods and services, and the central bank now expects inflation to return to within the target range (3%, +/- 1.5%) only in H2 2024.
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