Health sector support, economic stability and accelerated growth, announces Zaev

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The 2021 draft-Budget projects a GDP growth of 4.1 percent, revenues at Mden 212,6 billion (EUR 3,45 billion) and expenditures of Mden 247,5 billion (EUR 4,02 billion), a budget deficit of 4.9 percent of the GDP and capital investments at Mden 23 billion (EUR 374 million), said Prime Minister Zoran Zaev on Wednesday.

PM Zaev told a joint press conference with Finance Minister Fatmir Besimi that the Government has adopted the 2021 Budget and will forward it to the Parliament.

“The main priorities of the 2021 Budget are support to the health sector, economic recovery and growth by supporting businesses and jobs. We will focus as much as possible on policies supporting investments to increase competitiveness and policies supporting the realization of capital investments, producing sustainable growth in the mid term, i.e. acceleration of the growth rate,” said Zaev.

Minister Besimi said the draft-Budget aims to revitalize the economy and a return to the path of economic growth that is set to be doubled compared to the past decade, i.e. GDP to rise by five percent on average.

Due to the health-economic crisis, the budget is projected in a new, longer-term and more comprehensive way, in line with the SMART finance concept, with the fiscal year replaced by a five-year framework.

“We expect the economy to rise by 4.1 percent in 2021, followed by 4.6 percent in 2022, 5.2 percent in 2023, 5.6 percent in 2024, up to 5.9 percent in 2025. A projection for the period 2025-2030 is an average growth of 5.75 percent,” said Besimi.

The budget incorporates a strategy for economic recovery and accelerated growth (SmartER Growth), budget consolidation policies and public investment plan 2021-2025.

In order to stimulate the economy’s revitalization and support its stability, the Strategy for economic recovery and accelerated growth incorporates the components of COVID-19 recovery, inclusive and sustainable growth, enhancement of competitiveness of the private sector and human resource development and equal opportunities.

Fiscal consolidation is to be achieved through improved collection of budget revenues, reduction and restructuring of budget expenditures and change in the sources of financing the budget deficit.

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