North Macedonia’s economy seen recovering from recession -IMF

 The International Monetary Fund (IMF) said on Wednesday that North Macedonia’s economy, which grew by 4% in 2021 driven by domestic consumption, is seen recovering with estimated growth of about 4% this and next year.

Inflation, which rose to 3.2% in 2021 due to the negative impact of global supply disruptions on export-oriented sectors, is seen rising to 4.3% this year before stabilising at around 2% in 2023, the IMF said in a statement following its regular assessment of the country’s economy.

The IMF recommended the Balkan country focus fiscal consolidation on tax policy and revenue administration, and encouraged the central bank to tighten monetary policy if inflation becomes higher than in the euro area.

Photo – People walk by the flag of North Macedonia in Skopje, North Macedonia. EPA-EFE/GEORGI LICOVSKI