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Oct 25, 2022 15:31 EEST
October 25 (SeeNews) - The ongoing war in Ukraine, the energy crisis and the high level of public debt are expected to slow North Macedonia's economic growth over the medium term, the World Bank said.
North Macedonia's projected GDP growth for 2022 has been lowered to 2.1% as the domestic economy continues to be hampered by the energy crisis and the situation in Ukraine, the World Bank said in a statement on Monday after releasing its latest Western Balkans Regular Economic Report.
"The government’s policy support to the energy vulnerable is an important step in the right direction, but measures need to be targeted and timebound to minimize fiscal risks," Massimiliano Paolucci, World Bank Country Manager for North Macedonia and Kosovo said in the statement.
"The focus should also continue to be on long-delayed structural reforms to boost growth and create new jobs," Paolucci added.
Tighter global financing conditions, a slowdown in both domestic and external demand, and weakening business and consumer confidence are expected to impact the financial sector of all Western Balkan economies. Facing ongoing shocks, the region should prioritise policy support for the vulnerable and reforms that boost medium-term growth at limited fiscal cost, the World Bank noted.
North Macedonia's economy is estimated to have expanded by 4% in 2021.
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