Geopolitical developments can slow the growth of the economy


Geopolitical developments, including Russian-Ukrainian tensions, may adversely affect the recovery dynamics of the global economy as well as global primary commodity markets. Our direct exposure to the Russian and Ukrainian economies is small and no significant direct effects are expected. However, if there is a slowdown in global growth, and especially the growth of the EU, as our most important trading partner, it may have some adverse impact on the growth dynamics of the domestic economy, says Governor of the National Bank Anita Angelovska-Bezhoska.

“Trade with Russia and Ukraine participates with only 2% in the total trade exchange of our country. Financial exposure is very low, while foreign direct investment from these economies is only 0.5% of the total and is not present in the financial sector. Only 0.1% of remittances come from Russia and Ukraine. However, indirect effects are also possible. Russia is among the largest exporters of energy and metals in the world, while Ukraine is among the largest exporters of grain,” said Angelovska-Bezhoska.

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