demographic characteristics. the investing in america ’ s workforce initiative is a collaboration between the federal reserve system and academic research institutions to promote investment in workforce skills that better align with employers ’ needs. 15 further information on these surveys are found on the board ’ s website ; see the surveys of consumer finances, https : / / www. federalreserve. gov / econres / scfindex. htm ; the survey of household economics and decisionmaking, https : / / www. federalreserve. gov / consumerscommunities / shed. htm ; the survey of young workers, https : / / www. federalreserve. gov / econresdata / 2016 - survey - young - workers - executivesummary. htm ; and the survey of enterprising and informal work activities, https : / / www. federalreserve. gov / consumerscommunities / files / eiwa _ chartbook _ 2016. pdf. for information about the opportunity and inclusive growth institute, see https : / / www. minneapolisfed. org / institute, for information about the economic growth and mobility project, see https : / / www. philadelphiafed. org / egmp, and for information about the america ’ s workforce initiative, see https : / / www. investinwork. org. - 11 in short, a deeper understanding of labor market disparities is central to the mission of the federal reserve because it may help us better assess full employment, where resources may be underutilized, and the likely evolution of the labor market and overall economic activity. let me conclude by thanking you again for having me here today and allowing me the opportunity to explore some of the factors that influence labor market disparities. - 12 references alichi, ali, kory kantenga, and juan sole ( 2016 ). “ income polarization in the united states, ” imf working paper 16 / 121. washington : international monetary fund. https : / / www. imf. org / external / pubs / ft / wp / 2016 / wp16121. pdf. bayer, amanda, and cecelia elena rouse ( 2016 ). “ diversity in the economics profession : a new attack on an old problem, ” journal of economic perspectives, vol. 30 ( fall ), pp. 221 - 42. bernstein, jared ( 2013 ). “ the impact of inequality on growth. ” washington :

serbia ’ s third - quarter gdp growth equalled 1. 1 % y - o - y. the economic slowdown reflected this year ’ s agricultural season which was much worse than assumed judging by the first estimates, dented external demand and the continued rise in corporate costs, weighing primarily on lower activity in construction and manufacturing. also, activity in the energy sector continued down due to low river water levels. taking into account the sharper than expected economic slowdown in q3, the serbian gdp projection for 2022 was adjusted down relative to what we expected in august, to the range 2. 0 – 3. 0 %. as already pointed out, the growth rate was revised in the light of the materialised risks we identified in august, i. e. the underperformance of the agricultural season and the interruption in russia ’ s gas supply to the eu. in the new gdp projection, domestic demand is still expected to provide a positive contribution, while the contribution of net exports will be negative due to the high energy imports, primarily in the first half of the year. as economic activity in the euro area and other countries which are our important trade partners is expected to weaken notably next year, while the carry over effect from this year will be smaller, we have also revised serbia ’ s gdp growth projection for 2023 to the range of 2. 0 – 3. 0 %. assuming a considerable reduction of geopolitical tensions and a recovery of external demand, as well as the planned implementation of investment projects, notably in road, railway, energy and utility infrastructure, economic growth is expected to pick up as of 2024, first to around 3. 5 %, and then to return to its prepandemic growth path of around 4 % per annum in the medium term. chart 16 gdp growth projection chart 17 contributions to real gdp growth, expenditure side ( y - o - y rates, in % ) ( in pp ) 7. 5 4. 5 4. 3 2. 0 3. 5 3. 3 2. 9 2. 5 2. 5 2. 1 1. 8 - 2 - 4 - 2 - 6 - 4 - 0. 7 - 1. 6 - 8 iii iv i source : nbs. ii iii iv i ii iii iv i ii iii iv i ii iii - 0. 9 change in inventories net exports government consumption gross fixed capital formation household consumption gdp ( in % ) 2023 * sources : sors and nbs. * n