News

Fiscal Council: Proposed Serbian Budget for 2021 Should be More Restrictive

Tuesday, 01. Dec 2020.

Due to the great uncertainties when it comes to the next year, the proposed budget of Serbia for 2021 should have been planned in a much more restrictive manner, with a deficit of 2% of the GDP, because it can easily happen that the planned GDP growth of 6% is not achieved, the Fiscal Council warned.

In the proposed budget for 2021, the Government of Serbia projects a deficit on the level of the republic of RSD 178.5 billion, which is 3% of the GDP, and a slightly higher deficit on the level of general state of around RSD 180.3 billion, but, according to the Fiscal Council, in case of a lower economic growth, the deficit could be at around 4% of the GDP, and the share of the public debt in the GDP, instead of being scaled back, would continue to grow to over 60% of the GDP.

– If unfavorable epidemiological circumstances continue in 2021, perhaps a new (certainly smaller) economy aid package will be required, which would burden the public finances. Due to so many uncertainties, we assess that the budget for 2021 should have been planned more carefully, with a deficit of up to 2% of the GDP, as we recommended to the government in November 2020 – the Fiscal Council said in its assessment of the Draft Law on the Budget.


Source: eKapija

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