Key View: We believe that the Southeast Europe region offers attractive opportunities in the baked goods, chocolates and confectionery markets. Consumer confidence is recovering from the Covid-19 pandemic, while disposable incomes will post impressive real growth over our medium term (2021-2025) forecast period. This bodes well for spending on

Key View

• At Fitch Solutions, we have revised up our Serbian real GDP forecast for 2021 from 4.9% to 5.4% to reflect a faster investment recovery than previously expected, after Q121 data surprised to the upside.
• However, we maintain that the country’s recovery will be predominantly led by rebounding private consumption, the largest

Key View

• At Fitch Solutions, we expect the Serbian economy to expand by 4.9% in 2021, after one of Europe’s mildest contractions of 0.9% in 2020 and we expect it will maintain this strong pace in 2022 with 4.6% growth.
• Growth will be driven chiefly by household consumption and fixed capital investment, as the country’s rapid vaccine rollout

Key View

• Serbia is the first country in the Balkans to begin vaccinating against Covid-19.
• The roll-out of the Covid-19 vaccine will significantly ease strain on Serbia’s healthcare system.
• We have revised up our forecast for Serbia’s pharmaceutical market, reflecting robust economic recovery in 2021.

Serbia is the first country in the

Key View

• At Fitch Solutions, we expect the National Bank of Serbia (NBS) to keep its key policy rate on hold at 1.00% through 2021, following 125 basis points (bps) worth of hikes in 2020.
• With inflation poised to remain relatively subdued, and well within the 1.5-4.5% target band, the NBS will be wary of undercutting the country’s economic.

Key View

• Demand for IT hardware, software and services products will be set back considerably in 2020, owing to the impact of the Covid-19 pandemic on supply chains and enterprise purchasing.
• The PC segment will be hit hardest, owing to restrictions on imports, although we had already expected sluggish growth as the market enjoyed a robust