World Bank predicts GDP growth of 2.4 percent and inflation of 9.3 percent

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The Macedonian economy will grow by 2.4 percent this year, by 2.7 percent next year, and by 2.9 percent in 2025, the World Bank predicts in the spring Economic Report for the Europe and Central Asia region. The inflation rate will reach 9.3 percent, in 2024 it will decrease to 3 percent, and in 2025 it will be 2.0 percent.

The North Macedonia section of the report states that despite a rapid recovery after the COVID pandemic, the energy crisis has reduced growth and raised inflation to the highest level in two decades, straining public finances amid rising borrowing costs. The Government’s support measures, including electricity subsidies and increases in minimum wages, according to the WB, have to some extent softened the shock on citizens.

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