Despite all the challenges, all relevant international financial institutions still predict economic growth, but slow. A recession is not foreseen even with the pessimistic scenarios of international institutions, such as the IMF, the European Union, the European Central Bank, but an additional slowdown in growth, said the Governor of the National Bank Anita Angelovska-Bezhoska in an interview with Radio Free Europe. But careful monitoring is needed given the nature of the shock and the high uncertainty, the governor added.
According to the downward revision of the economic growth of the country for this and next year, growth of 2.9% is expected for 2022, while growth of 3.6% for 2023.
The governor points out that the war in Ukraine has effects on the global economy through several channels: high growth in commodity prices, especially food and energy, a 5% drop in trade this year, and the last but very important channel is a decline in confidence with investors and consumers.