IMF Staff Country Reports

Republic of North Macedonia: 2023 Article IV Consultation and First Review Under the Precautionary and Liquidity Line-Press Release; Staff Report; and Statement by the Executive Director for Republic of North Macedonia

January 26, 2024

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Republic of North Macedonia: 2023 Article IV Consultation and First Review Under the Precautionary and Liquidity Line-Press Release; Staff Report; and Statement by the Executive Director for Republic of North Macedonia, (USA: International Monetary Fund, 2024) accessed December 26, 2024

Summary

Recent Developments, Outlook and Risks. Staff project GDP growth of 2.3 percent in 2023, lower than at the time of PLL arrangement approval, driven by lower external demand and a slowdown in investment. Staff expect an investment recovery to be a key driver of the recovery in 2024, with projected GDP growth of 3.0 percent. Inflation is coming down, driven by monetary tightening and lower global commodity prices, and is projected to be at 4.5 percent average in 2024. The current account is benefitting from lower international energy prices, and international reserves are at an adequate level and projected to remain so. Risks are mainly related to geopolitical tensions, commodity price volatility, and unfunded promises ahead of the elections planned for the spring.

Subject: Credit, Expenditure, External debt, Inflation, International organization, Monetary policy, Money, Prices, Public debt, Public investment spending

Keywords: Authorities' ability, Authorities' agenda, Credit, Fund RELATIONS, Global, Inflation, Inflation expectation, Inflation risk, PLL negotiations, Public investment spending

Publication Details

  • Pages:

    133

  • Volume:

    ---

  • DOI:

    ---

  • Issue:

    ---

  • Series:

    Country Report No. 2024/026

  • Stock No:

    1MKDEA2024001

  • ISBN:

    9798400265754

  • ISSN:

    1934-7685

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