According to the Regional Economic Report (REI), published by the World Bank, Macedonia is expected to enter a recession in 2020, with the country forecast to experience negative growth as it continues to grapple with the economic impacts of the COVID-19 (coronavirus) pandemic.
Growth in the country for 2020 is forecast to be between -1.4 and -3.2 percent, according to the World Bank’s latest Regular Economic Report (RER) – which uses a baseline scenario and a downside scenario in the face of high uncertainty brought on by the pandemic.
The baseline scenario assumes that the outbreak in Europe begins to slow soon enough, such that containment measures can be lifted by the end of June and a gradual recovery can begin in the second half of 2020. The downside scenario assumes the outbreak lingers and containment measures can only be lifted at end of August, with a recovery of economic activity only in final quarter of 2020, reads the report.
The Western Balkans region is expected to enter a recession in 2020, with all six countries forecast to experience negative growth as they continue to grapple with the economic impacts of the COVID-19 (Coronavirus) pandemic. Regional growth in the Western Balkans is forecast to be between -3 and -5.6 percent.
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