10th October 2023, Skopje – International Monetary Fund improved the expectations for Macedonian economic growth as per the autumn projections. Under the World Economic Outlook, which IMF published yesterday, domestic economic growth for 2023 is projected at 2.5% or by 1.1 p.p. higher compared to the IMF forecasts in April 2023. IMF expects for the inflation rate to continue to reduce this and next year, whereby in 2025, it would get back to historic low targets of around 2% and to be kept at the level in the upcoming years as well.
IMF forecasts on Macedonian economic growth is close to the forecast when preparing the 2023 Draft Budget. It is worth noting that IMF has significantly improved the domestic economic outlook for this year, while minimally decreasing the forecasts of our major trade partners – Euro Area and Germany to 0.7% and -0.5% in 2023, thus reflecting greater resilience and improved economic performance, taking into account the adverse impact from the surrounding.
Growth forecasts in the region are mostly close to the domestic economy expectations (1.7% in Bulgaria, 2% in Bosnia and Herzegovina, Serbia and Slovenia, 2.5% in Greece and 2.7% in Croatia), while slightly higher growth is expected in Albania, Kosovo and Montenegro (3.6%, 3.8% and 4.5%, respectfully). In medium run, IMF expects for the domestic economic growth to pick up to 3.5%, while for the general government debt and the unemployment rate to get reduced.
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