June 9 (SeeNews) - The World Bank said it expects North Macedonia's gross domestic product (GDP) to grow by 3.6% in 2021, leaving unchanged the forecast it made in April.
In 2022 and 2023, North Macedonia's economic output is projected to increase by 3.5% and 3.4%, respectively, the World Bank said in the June edition of its Global Economic Prospects report published on Tuesday.
Faster implementation of structural EU reforms, provided negotiations for EU membership are not further delayed, should accelerate medium-term growth in the country, according to the report.
North Macedonia's GDP declined 4.5% in 2020, according to the World Bank's estimate which matches preliminary data released by the country's statistical office earlier this year.
Growth in the Western Balkans region, which also comprises Albania, Bosnia and Herzegovina, Kosovo, Montenegro and Serbia, is forecast to rebound to 4.4% this year and moderate to 3.7% in 2022, assuming consumer and business confidence revives as vaccination takes place and political instability eases, the World Bank said.