VUCIC: GDP growth in next three years at 3.1%, foundation stone for Toyo Tires in December

Serbian President Aleksandar Vucic stated today that, according to the projections of the IMF and the World Bank, Serbia would have the largest GDP growth in Europe, at 3.1% on average for 2020, 2021 and 2022.

– In the next three years, Serbia will be the first in Europe, with an average growth of 3.1%, followed by Lithuania and Ireland with 2% each – Vucic said.

He says that many European countries will have a negative growth, or be at around zero to up to 3%.

Vucic points out that Serbia has a problem with the GDP growth now because, if it had not been for Covid and the lockdown in Europe, it would have a GDP growth of around 6%. Instead, due to the crisis, it will be at around zero or -0.5%.

He expressed his conviction that the trade barriers between the USA and Europe would be reduced, as it would mean a lot to Serbia's industry, especially the steel industry, boosting the country's exports.

Foundation stone for Toyo Tires factory to be laid down in December

– We are negotiating with numerous foreign investors, mostly from Germany, but also from Japan and other countries – Vucic said at a press conference.

He announced that the foundation stone for the factory of the Japanese company Toyo Tires would be laid down in the first half of December in Indjija.

Vucic said that, in 2020, through the Development Agency, 20 agreements on foreign investments worth a total of EUR 1.7 billion, which would enable the employment of 6,815 workers, had been signed.

– That's nearly half the number from 2019, but the investments are more than doubled – Vucic said.

He pointed out that there was no employment problem in Serbia, except in “poor areas”, but that the country lacked high-tech companies.

Toyo Tire Serbia d.o.o. Inđija

Vlada Republike Srbije

Međunarodni monetarni fond - MMF Beograd

Razvojna agencija Srbije

Svetska Banka-WB Beograd

Aleksandar Vučić

Toyo Tires

GDP

GDP growth

steel

steel industry

foundation stone

foreign investments