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International Monetary Fund. Communications Department

Abstract

IMF Managing Director Christine Lagarde delivered this address at Guildhall as part of the World Traders’ Tacitus Lecture series in London on February 28, 2019.

International Monetary Fund
The global financial crisis unmasked Serbia’s unsustainable pre-crisis growth model. Looking back, the Stand-By Arrangement (SBA) provided effective insurance against a financial meltdown, initiated the needed re-balancing of the economy, but could not prevent large job losses. Looking ahead, the transition to a more sustainable growth model remains incomplete and fragile. The export-led recovery is expected to continue picking up steam, but labor market conditions will remain difficult. The current account deficit is expected to remain relatively high, requiring significant capital inflows to maintain external balance.