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World Bank affirms N. Macedonia's 2020 GDP growth forecast, lowers 2021 projection

World Bank affirms N. Macedonia's 2020 GDP growth forecast, lowers 2021 projection Bradley Howard/CC BY 2.0

SKOPJE (North Macedonia), January 9 (SeeNews) – The World Bank said it has affirmed its June forecast for North Macedonia’s economic growth in 2020 at 2.3%.

North Macedonia's gross domestic product (GDP) is expected to expand by 3.3% next year, down 0.3 percentage points (pp) compared to the June forecast, the World Bank said in its January 2020 Global Economic Prospects report published on Wednesday.

The economy of North Macedonia grew by an estimated 3.1% last year, accelerating from 2.9% expansion in 2018, the World Bank added.

The World Bank expects North Macedonia to post economic growth of 3.1% in 2022.

“In the Western Balkans, a deceleration in public investment (Kosovo), manufacturing (Serbia), and export growth (Albania, Serbia) contributed to a moderation in growth to an estimated 3.2% in 2019,” the World Bank said.“Rising fiscal liabilities in the subregion could reduce space for future fiscal stimulus and weaken the business climate, including in Kosovo, Montenegro, and North Macedonia.

According to the report, the Western Balkans region comprising Albania, Bosnia and Herzegovina, Kosovo, North Macedonia, Montenegro, and Serbia, will achieve economic growth of 3.6% in 2020 and 3.8% in each of the following two years.

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