EBRD predicts a 5 percent drop in Macedonia’s GDP in 2020

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A five percent decline in the Macedonian economy this year and a growth of three percent in 2021, the European Bank for Development and Reconstruction (EBRD) predicts in the autumn macroeconomic projections published Thursday.

According to EBRD’s latest projections, as cited Andi Aranitasi, European Bank for Development and Reconstruction (EBRD) Head for North Macedonia, there will be 5 per cent drop in GDP this year and a rebound of 3 per cent next year, similar to some other countries in the Western Balkans and Central Eastern Europe with an industrial base. After close to zero (0.2 per cent) growth in the first quarter, GDP dropped by close to 13 per cent (-12.7 per cent) in the second quarter, indicating large disruptions in the economy with private consumption, investments, exports and imports contracting significantly. We will continue to support all Western Balkans countries’ on their reform path towards EU approximation and, finally, accession with investment and policy engagement. North Macedonia, as a newly invited candidate country, is a key focus for us and we are currently discussing with the government how to step up our involvement, Aranitasi tells MIA in an interview.

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