Washington, DC —Promoting the democratic and free market values of individual freedom, rule of law and the market economy are key in Serbia. To bring these issues to citizens, the Libertarian club LIBEK, with support from the Center for International Private Enterprise (CIPE), released a new guidebook titled “Top 10 Economic Misconceptions in Serbia” today.
“The guide is a user-friendly resource to help citizens, media, civil society, and businesses understand the economic misconceptions affecting Serbia, as well as the challenges behind them,” Andrew Wilson, Executive Director of the Center for International Private Enterprise, said. “It’s an exceptional publication prepared by LIBEK in collaboration with a group of renowned experts, journalists, entrepreneurs, and civil society representatives.”
The guide examines several key economic misconceptions, including: public spending, trade deficit, and economic cooperation with Russia. It offers expert analysis along with solutions to the corresponding economic challenges affecting Serbians. For example, because Serbian citizens have high tax rates and thus less means to spend, save and invest, it negatively affects the country’s potential for long-term growth. LIBEK’s research found that every dinar of public spending generates only 0.30-dinar increase in economic activity. Therefore, LIBEK advocates for an increase in expenditures on education and infrastructure, which in turn encourages private investment and fosters healthy development.
According to Milos Nikolic, President and Co-Founder of LIBEK, challenges such as political influence over the economy and an inefficient judiciary remain, despite progress in Serbia. Looking forward, if the government delivers on its promises to conduct apt reform efforts, business opportunities will continue to grow, and LIBEK’s guidebook may be used as a key tool in informing the Serbian public of these misconceptions, and ensure sound decision-making in the future.
As one of the four core institutes of the National Endowment for Democracy, CIPE strengthens democracy around the globe through private enterprise and market-oriented reform. CIPE is an affiliate of the U.S. Chamber of Commerce.