October 13 (SeeNews) - The International Monetary Fund (IMF) said on Tuesday it expects North Macedonia's economy to shrink 5.4% this year as a result of the Covid-19 pandemic, revising its forecast for a 4% contraction made in April.
The economy is then projected to bounce back to 5.5% growth in 2021, the IMF said in the October 2020 edition of its World Economic Outlook report.
The country's average consumer price inflation is seen at 0.9% in 2020 and 1.3% in 2021, the IMF said.
North Macedonia's current account deficit is forecast to expand to 4.7% of GDP in 2020 from 2.8% in 2019. In 2021, the deficit is seen narrowing to 3.8%.