Public Sector Wage Grades in Serbia: Lessons from a Failed Reform

10 February 2026

We analyze the public sector pay grade reform in Serbia, initiated with the adoption of the Law on the Public Sector Pay System in 2016. Our main conclusion is ... Read more

Assessment of the Proposed Budget Law of the Republic of Serbia for 2025

29 November 2024

After the Government of Serbia made a shift in fiscal policy in 2024, moving towards greater expansion (increasing the budget deficit), similar fiscal policy is ... Read more

Assessment of the Revised Fiscal Strategy for 2025 with projections for 2026 and 2027

8 November 2024

The most important change in the Revised Fiscal Strategy for the 2025-2027 period compared to the draft of this document is the relatively strong increase in public expenditures in the ... Read more

Assessment of the Proposed Supplementary Budget of the Republic of Serbia for 2024

2 October 2024

In the past three years (2021-2023), unusually extensive amounts of budgetary funds were allocated for public investments, and a similar economic policy will also continue in the years to come ... Read more

Contingency reserve and supplementary budget in Serbia: Challenges and necessary improvements

23 July 2024

The Fiscal Council has analyzed the flexibility mechanisms available to the Government during the execution of the Republic's budget adopted by the ... Read more

Public Investment Policy in Serbia: Situation Analysis and Recommendations for Possible Improvements

June 28, 2024

The supplementary budget proposes a shift in fiscal policy, increasing the projected 2024 fiscal deficit from 2.2% to 2.9% of GDP. This increase is primarily driven by a substantial ... Read more

The 2022 Tax Reform i Montenegro – Facts, Misconceptions and Lessons for Serbia

26 January 2024

The elimination of health insurance contributions requires a tangible increase in the rate of value added tax (VAT) to offset the shortfall in budget revenues. ... Read more

Assessment of the Proposed Supplementary Budget of the Republic of Serbia for 2023

25 September 2023

The good side of the proposed Supplementary Budget of the Republic of Serbia for 2023 is that the basic fiscal flows did not get out of control. The planned budget deficit of 2.8% of GDP is undeniably high – although, objectively speaking, it cannot be considered as alarming. However, the main feature of the Supplementary Budget are new and large expenditure ... Read more

Notes to the Opinion on the Draft Fiscal Strategy for 2024 with the Forecasts for 2025 and 2026

28 June 2023

The Draft Fiscal Strategy for 2024 with Forecasts for 2025 and 2026 was submitted to the Fiscal Council for opinion on 19 May 2023. The Fiscal Council, acting in accordance with its statutory obligations and time limits, prepared and submitted the said Opinion to the Government and the National Assembly on 31 May 2023, as required by the regular ... Read more

Opinion on the Draft Fiscal strategy for 2024 with forecasts for 2025 and 2026

28 June 2023

The Draft 2024 Fiscal Strategy with Forecasts for 2025 and 2026 confirms the intention of the Government to gradually progress towards balancing public finances over the medium term. Pursuant to the Strategy targets, the fiscal deficit should decline from 3% of GDP in 2023 to 2.2% of GDP in 2024, and then to 1.5% of GDP in 2025. Thereafter, the identical ... Read more

Assessment of the Proposed Budget Law of the Republic of Serbia for 2023

19 December 2022

The proposed fiscal deficit in the 2023 Budget Bill is relatively high, amounting to RSD 264 billion (3.3% of GDP). When this deficit is compared to the one of 3.9% of GDP planned in the recently adopted supplementary budget for 2022, it is possible to say that the budget for 2023 is gradually taking public finances in the right direction ... Read more