IMF Mission made upward revision of GDP projections for this year, from initial 2.5% to – 1% to 1.5%.
 
– Prospects for gradual return to growth look good and we expect a decline of 1% to 1.5% of GDP this year. This is an upward revision of previous forecasts of 2.5% decline, IMF Chief of Mission for Macedonia, Mr. Wes McGrew said following the completion of this year’s regular visit of IMF Mission to the country.
According to McGrew, economic outlook in Macedonia improved and risks of instability diminished.
 
– Although the crisis has obviously had an impact on Macedonia, it has fared significantly better than most other countries in the region, McGrew said at the joint press conference with the Heads of the Macedonian financial institutions.
 
For 2010, IMF Mission expects economic growth to recover further and to reach 2%, and views the government’s deficit targets of 2.8 percent of GDP in 2009 and 2.5 percent of GDP in 2010 as appropriate in light of the global economic crisis.
 
Minister of Finance, Zoran Stavreski, pointed out the contentment with the successful talks with the IMF Mission, as well as the same projections on economic growth, stabilization of the economy and expectations for its further recovery.
 
– 2009 fiscal policy will remain within the envisaged target of 2.8% budget deficit and will contribute to maintaining macroeconomic stability and providing moderate support to the economic growth, above all through higher expenditures for capital projects in the field of infrastructure, Stavreski said, expressing the contentment with the concurred projections of IMF and the Government on economic growth of 2% for the next year.
 
This, as Stavreski emphasized, is important so as to keep the downward trend of the unemployment rate, as well as to keep the investment growth rate.
Asked about the possibility of concluding an arrangement with the IMF, Stavreski said that positive assessments of the Mission would be a stimulus for undertaking further positive activities.(MIA)
