Council of Europe (CoE) Development Bank Governor Rolf Wenzel said on Thursday that Serbia will not be hit hard by the economic fallout of the coronavirus pandemic.
Wenzel told Radio Free Europe that Serbia is in a better position than other countries because it does not rely on tourism for economic growth. “It’s clear that Serbia will have lower economic growth, if not a drop,” he said but added that recovery will start in the second half of 2020.
He warned of uncertainty about recovery. “There is great uncertainty about how fast countries can get out of the crisis, stimulate spending,” Wenzel said.
According to him, “Serbia has strong economic performance, economic growth was good compared to other countries in the region which puts it in a better position in the fight against the crisis caused by the pandemic”.
He recalled that the bank is active in the Serbian health care sector. “Last year we approved a 200 million Euro loan and offered expert support for the reconstruction of hospitals across the country. We cooperate very closely with the government and its agencies, especially the Finance Ministry, to make sure the money is spent properly,” he said.