Output growth has slowed in several emerging markets since 2011—a remarkable feature for a non-crisis period in EMs. Such synchronized slowdowns were largely unanticipated by scholars and forecasters alike. In this paper we attempt to shed light on the main drivers of growth surprises and...

The dire state of the Serbian economy is a diagnostic finding which no one questions. Conspicuous signs of faltering in the process of growth, unprecedented unemployment volume and rate, persistent and disturbingly large deficits in the balance of current transactions, equally large and...