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International Monetary Fund

This Report on the Observance of Standards and Codes on Data Module on the Former Yugoslav Republic of Macedonia reviews assessment by agency and dataset. The mission has a set of recommendations for Macedonia’s statistical practices, on discussions with the data-producing agencies and on responses from data users. They are designed to increase further FYR Macedonia’s adherence to internationally accepted statistical practices and would, in the mission’s view, enhance the analytical usefulness of FYR Macedonia’s statistics.

International Monetary Fund

This Report on the Observance of Standards and Codes on Data Module on the Former Yugoslav Republic of Macedonia reviews assessment by agency and dataset. The mission has a set of recommendations for Macedonia’s statistical practices, on discussions with the data-producing agencies and on responses from data users. They are designed to increase further FYR Macedonia’s adherence to internationally accepted statistical practices and would, in the mission’s view, enhance the analytical usefulness of FYR Macedonia’s statistics.

International Monetary Fund

This 2009 Article IV Consultation highlights that the Former Yugoslav Republic of Macedonia’s vulnerability at the outset of the global crisis was its large current account deficit in the context of the exchange rate peg to the euro. At the same time, it benefited from a small fiscal deficit, modest public debt, and significant international reserve buffers. Executive Directors have praised the Macedonian authorities for the conduct of macroeconomic policies, which contributed to a modest downturn in Macedonia’s economy relative to other countries in the region.

International Monetary Fund

In this study, economic recovery and growth of Macedonia are discussed. In the financial sector, nonperforming loans (NPLs) rose, and bank profitability declined as a result of the crisis. Executive Directors agreed with the thrust of the staff appraisal. Directors were encouraged by the overall healthy condition of the financial system. The need to accelerate structural reforms and strengthen public infrastructure to raise productivity and help reduce high unemployment is encouraged. Macedonia met the Precautionary Credit Line (PCL) qualification requirements.

International Monetary Fund

This 2011 Article IV Consultation highlights that Macedonia is poised to achieve low but positive growth under the baseline scenario of a shallow recession in the euro area. Under a downside scenario, growth would be weaker, and external financing pressures could arise. In the near term, the government would need to reduce expenditure growth to meet the 2012 deficit target. A key longer-term challenge would be to reconcile the competing objectives of higher public investment and increases in pensions and public wages while preserving low public debt and low taxes.

International Monetary Fund. European Dept.

Conservative policies, together with external official assistance, provided Macedonia with buffers to confront spillovers from the global crisis and deal with domestic shocks. External and financial stability have been maintained despite a difficult external environment. The start of EU accession negotiations remains uncertain. Some key recommendations of earlier Article IV Consultations have been implemented; others remain outstanding. Macedonia is well positioned to return to growth, although the external outlook presents a key risk. Policies should remain focused on boosting medium-term growth.

The broad-based GDP growth supported by public investment, improved credit and labor market conditions, and robust exports is expected to moderate in the near term. Domestic political uncertainties and the crisis in Greece constitute significant downside risks. Fiscal policy space built up in pre-crisis years has largely been depleted. Rebuilding policy space and buffers to preserve macroeconomic and financial stability is a priority now.

International Monetary Fund. European Dept.

The post-crisis economic recovery has been solid and broad-based due to accommodative policies, low commodity prices and large infrastructure and foreign investment. However, a prolonged period of domestic political uncertainties is beginning to impact confidence and the country's EU accession prospects. Growth should pick up in the medium term contingent on the return of political stability following parliamentary elections in December.

International Monetary Fund. European Dept.

2017 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Former Yugoslav Republic of Macedonia