Serbia's economy is experiencing steady growth, with a GDP growth of 2.5% in 2023 and projected growth of 3.5% in 2024 and 4.5% in 2025. The country's nominal GDP is expected to reach $81.69 billion in 2024, with a GDP per capita of $12,357. Serbia's largest sources of foreign investment are Germany, Italy, the US, and Russia, with China ranking fifth. While China is Serbia's second largest trading partner, the European Union accounts for over half of Serbia's foreign trade. Serbia's political landscape, including its unresolved status with Kosovo, affects its economic dynamics and EU accession talks. The country faces challenges such as high inflation rates, labor market issues, and the need for modernization and investment in its industrial sector. However, Serbia's proactive approach to reforms, international partnerships, and focus on structural reforms, the knowledge economy, and green and digital transitions position it well for future development. Serbia's long-term future remains European.
In Kyrgyzstan, GDP growth has averaged 7% over the last three years, with a growth rate of 9% in 2022. In 2023, the GDP reached 1.2 trillion soms. Chairman of the Cabinet of Ministers Akylbek Japarov attributed the growth to the correct macroeconomic policy, a qualified team, and favorable conditions for business and citizens. The Eurasian Economic Union also played a role in stabilizing the economy after the pandemic and allowing Kyrgyzstan to benefit from the Union's advantages [d82c1cfe].
Armenia's economy has diversified across agriculture, industrial production, trade, construction, and transportation. Leading industries include mechanical engineering and food processing. The country's economic structure is regionally diverse, with five distinct regions specializing in different industrial activities. Challenges include low investment rates, limited human capital, and the impact of climate change. In an interview, Gevorg Papoyan, the Minister of Economy of Armenia, discussed the latest developments in the Armenian economy. GDP growth reached 9.2% in the first quarter of 2024, and economic growth of 7.0% in 2024 is expected. The relatively flexible dram exchange rate has contributed to economic stability and growth. Armenia leverages its mining resources, including gold, copper, and molybdenum, to strengthen its economy through exports. The country has made progress in reforming corruption, justice, and competition, which has positively impacted the economic landscape. Western sanctions against Russia have affected the Armenian economy, but the country is implementing strategies to address these impacts by diversifying its economic relations and finding alternative export destinations. Armenia aims to deepen economic relations with the EU, the US, the Middle East, and Arab countries. The country is focused on increasing economic resilience and diversification. The interview was conducted by SpecialEurasia [6c9872ce].