June 8 (SeeNews) - North Macedonia's gross domestic product (GDP) is expected to expand by 2.7% in 2022, the World Bank said, downgrading its January projection by 1 percentage point.
In 2023, North Macedonia's economic growth is expected to speed up to 3.1%, the World Bank said in its June 2022 Global Economic Prospects report published on Tuesday.
The regional GDP growth of the Western Balkans is forecast at 3.1% in 2022, reflecting higher commodity prices and weaker euro area growth from the war, the World Bank noted. The region's GDP growth reached 7.5% in 2021, after a contraction of 3.3% in 2020.
North Macedonia's economy is estimated to have expanded by 4% in 2021.
In May, North Macedonia's central bank said it expects the country's economy to expand by 2.9% in 2022, revising downwards its projection of 3.9% made in October.