On March 1, 2012, the EU granted Serbia official candidate status. We believe the prospect of joining the EU can give candidate countries a strong impetus for reform. That said, an official date for opening talks has yet to be set. We do not expect Serbia will join the EU until the end of the decade. In light of our projections for weak eurozone activity, we expect that Serbia's GDP growth will average 0.5% in 2012, although there are considerable uncertainties surrounding this ...
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