October 12 (SeeNews) - The International Monetary Fund (IMF) said it expects North Macedonia's economy to grow by 2.7% this year, revising downwards its projection for 3.2% growth made in April. North Macedonia's economy is expected to expand to 3% in 2023, the IMF said in the October edition of its World Economic Outlook report on Tuesday. The country's average consumer price inflation is forecast at 10.6% in 2022 and 4.5% in 2023, compared to 3.2% last year, the IMF said. North Macedonia's current account gap is projected to expand to 6.7% of GDP in 2022 from 3.5% in 2021. In 2023 the current account deficit is expected to narrow to 4.6% of GDP. The IMF also said it expects the GDP of Emerging and Developing Europe area, which also includes Romania, Turkey, Bulgaria, Serbia, Croatia, Albania, Kosovo, Moldova, Montenegro and Bosnia to have zero economic growth in 2022, and advance by 0.6% in 2023. "Russia’s invasion of Ukraine continues to powerfully destabilize the global economy. Beyond the escalating and senseless destruction of lives and livelihoods, it has led to a severe energy crisis in Europe that is sharply increasing costs of living and hampering economic activity. Gas prices in Europe have increased more than four-fold since 2021, with Russia cutting deliveries to less than 20% of their 2021 levels, raising the prospect of energy shortages over the next winter and beyond," the IMF said.
Jun 10, 2026
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