Macedonia Economic Outlook
November 2, 2021Prime Minister Zoran Zaev resigned on 31 October, following a tough defeat in local elections on the same day. If parliament accepts his resignation, the most likely scenario seems to be a new cabinet under a different leader of the ruling SDSM party, although snap elections are also a possibility. Meanwhile, the economic recovery likely carried over into Q3, albeit at a softer pace, after GDP jumped in Q2 on the back of stronger domestic demand and soaring exports. On the pandemic front, the government relaxed some restrictions in the hospitality sector in mid-October, boding well for activity in Q4. Meanwhile, the European Commission recently released its annual progress report, in which it reiterated that the country is ready to start accession talks. The Commission highlighted progress made on the rule of law and fighting organized crime, although it criticized slow judicial reforms.
North Macedonia Economic GrowthThe economy should grow solidly next year. Supportive fiscal and monetary policies, coupled with accumulated savings, should fuel domestic demand, while the lifting of restrictions should boost tourist arrivals. However, elevated energy prices and Covid-19-related uncertainty pose key risks to the outlook. FocusEconomics panelists forecast GDP to expand 3.9% in 2022, which is down 0.1 percentage points from last month’s estimate, and 3.4% in 2023.
North Macedonia Economy Data
5 years of North Macedonia economic forecasts for more than 30 economic indicators.
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North Macedonia Facts
|Exchange Rate||54.86||-0.56 %||Jan 01|
|Stock Market||0.1||0.0 %||Jan 07|
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