The resilience of the country’s economy is surprising given the context, Serbian President Aleksandar Vucic has said
Serbian President Aleksandar Vucic has lauded the work of Bank of Russia Governor Elvira Nabiullina, noting that her country’s economy has remained buoyant despite the challenges it has faced over the past several years.
The comment was made a day after the regulator raised its key interest rate by 200 basis points to a record high of 21%, citing persistent inflation that “considerably” exceeded its July forecast of 6.5-7.0% for this year. Commenting on the hike, Nabiullina said that inflation is projected to be double the regulator’s target of 4% annually, emphasizing that the bank remains committed to bringing it down to the target level.
In a televised interview with TV Prva, Vucic admitted that the tenacity of the “fantastic” Russian economy has been surprising.
“I have to admit that I am surprised by the resilience of the Russian economy. Nabiullina is a genius,” the president said, while stressing that it is very difficult for the wartime economy to function under the current conditions.
The head of state also said that he skipped last week’s BRICS summit in the Russian city of Kazan because of the “consequences” that could arise if other meetings were cancelled. Serbia’s delegation to the summit was led by the country’s Deputy Prime Minister Aleksandar Vulin, as well as Defense Minister Bratislav Gasic, Economy Minister Adrijana Mesarovic and Nenad Popovic, the minister who oversees international economic cooperation.
Vucic expressed hope that he “retained the respect of both sides,” adding that Serbia’s policy will not change overnight.
Earlier this week, the president suggested that Serbia could have a referendum on joining BRICS in light of the economic bloc’s growing popularity in the country. According to research cited by Vucic, 42% of Serbs are in favor of integration with the EU, while another 42% are supportive of the idea of joining BRICS.
The Balkan country applied to join the EU in 2009 and has been a candidate since 2012. Serbian Deputy Prime Minister Aleksandar Vulin has accused Brussels of moving the goalposts for accession, most recently by linking Belgrade’s membership to severing relations with Moscow.
Despite mounting pressure from Brussels, Belgrade has opted to reject the sanctions imposed on Moscow by Kiev’s Western allies, officially pledging neutrality in the Ukraine conflict and maintaining trade relations with both Russia and the West.
