April 14 (SeeNews) - The International Monetary Fund (IMF) said on Tuesday it expects North Macedonia's economy to shrink 4% this year as a result of the coronavirus pandemic.
The economy is then projected to bounce back to a 7% growth in 2021, the IMF said in the April 2020 edition of its latest World Economic Outlook report.
North Macedonia's average consumer prices are projected to fall by 0.9% this year after rising by 0.8% in 2019. Inflation in 2021 is forecast at 0.8%.
North Macedonia's current account deficit is forecast to narrow to 2.2% of GDP in 2020 from 2.8% in 2019. In 2021, the deficit is seen further narrowing to 1.3%, according to the report.
The IMF also said it expects North Macedonia's government borrowing to reach 6.5% of GDP in 2020, before falling to 3.1% of GDP in 2021.