摘要：The financial crisis, which began in 2007 in the USA, led to aglobal recession and economic crisis. It shook the very foundations of thenational market economy, spread to the international level, and brought intoquestion the undisputed effectiveness of the free market. Some generalassessment of the causes can be summarized to excessive deregulation offinancial markets on the rising wave of business cycles, as well as poor or nonexistentcoordination of financial and monetary policies at the internationallevel.Most governments have placed enormous financial resources for thestabilization of the financial system and the real sector of economy.Nevertheless, the recovery from the recession is going slowly, and only thebeginnings of it are in sight.The world economic crisis further reduces the possibility of getting outof the internal crisis in Serbia. The main negative effects of the global economiccrisis on the Serbian economy can be summarized as: decline in foreign demandand fall of exports; the overall decline in production, especially manufacturing;decrease in the GDP growth rate and its shift towards negative values, while thelatest improvements are slightly above zero; stubbornly high unemploymentrates; withdrawal of capital from foreign-owned commercial banks and reducedinvestments in manufacturing; decreasing FDI inflow and bleak prospects for itsgrowth in the short run; deterioration in the trade balance and balance ofpayments; and growth in total debt.
