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Legal market overview
The economic agenda continues to dominate Serbian politics following the parliamentary elections in May 2012. Inflation is on the rise again, reaching double-digit levels in the fourth quarter of the year, and growth of just 1.9% is forecast for 2013. The government also faces a challenge in reducing the fiscal deficit (currently around 7% of GDP) and bringing down public debt, which has risen to close to 60% of GDP.
The economic and political uncertainty, both before and after the elections, has kept foreign indirect investment at a low level. The renewable energy sector remains a core source of work for law firms of all sizes, with construction and telecoms mandates also keeping lawyers busy. As more companies slip towards bankruptcy, firms are reporting an increase in debt restructuring and litigation matters. Privatisation of large state-owned industries may also help to boost levels of activity on the corporate side.