EBRD: The Macedonian economy grew by two percent this year
This year, Macedonia will see a growth in Gross Domestic Product (GDP) of two percent, and in 2024 of three percent, the European Bank for Reconstruction and Development (EBRD) predicts in the latest report on the state of the economies in the region it covers.
– GDP growth is likely to remain modest in 2023 at around 2 percent, before picking up to 3 percent in 2024, due to an expected global economic recovery. Despite further increases in minimum wages from April 2023, pension increases and price caps on some essential products, household demand will remain subdued in 2023 as high levels of inflation reduce real incomes. The economic slowdown of major trading partners will affect exports, while increased uncertainty and tightening financing conditions may affect investor confidence, the EBRD's report on the country states.
The EBRD expects economic growth in the Western Balkans region to slow to 2 percent in 2023, and to reach 3,4 percent next year.
Of the countries in the region, Montenegro and Kosovo will have the highest economic growth this year at 3,5 percent, Albania and Croatia at 2,5 percent, Greece at 2,4 percent, Serbia at 1,8 percent, Bulgaria at 1,6 percent, and Bosnia at the lowest. and Herzegovina from 1,5 percent.