years to come. i would like to conclude my address with the following words. everything achieved in the past years – from the attained and preserved price stability and relative stability of the exchange rate, through anchored inflation expectations, orderly public finances and the improved external position of the country, to high fx reserves, a strong financial system and increased monetary policy efficiency – helped us tackle this unprecedented global crisis in a much better position. the struggle with the pandemic is still not over, but it is now much easier to look ahead and continue implementing structural reforms. we also plan to further improve our competitiveness position, and help our citizens enjoy a higher living standard and prosperity. at the end of my today ’ s address, i wish good health to all our citizens, and i hope we will see each other in person already in august, in our customary format of conferences at which we present the inflation report. presentation of the inflation report - may 2021 inflation report - may 2021

- y on average. since the start of the year, the growth has been led by corporate investment loans and household housing loans, meaning that the loan structure is favourable in terms of support to sustainable economic growth. not less importantly, for the first time since the pandemic broke out, the results of the bank lending survey show that in q1 this year banks eased their credit standards and are expected to continue doing so in the coming period. the npl share in total loans is still below the pre - crisis level. it measured 3. 9 % in march. for instance, a year after the effects of the global financial crisis materialised in our country ( september 2008 ), the npl ratio soared above 17 %, reflecting the economic contraction and dinar ’ s weakening against the euro. this attests to the importance of adopted monetary and fiscal stimuli in the pandemic - induced crisis, and relative stability of the exchange rate, as this helped preserve financial stability and supported further strong interaction between the real and financial sectors. the focus of monetary policy makers will stay on ensuring price and financial stability, while supporting as fast growth of our economy and employment as possible, further growth of the export sector, and ensuring a favourable investment environment. the nbs will continue to watch closely the movement and impact of key factors from the domestic and international environment on inflation, financial stability and the pace of economic recovery, and will accordingly adjust its measures, acting in the best interest of our businesses and households. ladies and gentlemen, dear colleagues, the global economy is gradually recovering from the pandemic - induced crisis and, as assessed by international financial institutions, its growth outlook is more favourable than three months ago. first of all, positive effects are expected from mass vaccination and additional fiscal stimuli of the largest world economies, primarily the us. the uncertainty as to the course of the pandemic and its effect on the global economy and, thereby, on prices of primary commodities and global financial conditions, has subsided compared to the earlier period. we are beginning to see the light at the end of the tunnel. the normalisation of global economic flows and expected recovery of external demand, a well - timed and adequate response of economic policy makers in serbia and, as a result, the preserved favourable financing conditions, production capacities and jobs, including further advances in vaccination, are estimated to prop up the gdp growth rate to 6 % and more and to ensure a return to dynamic growth rates in the