According to the latest Western Balkans Regular Economic Report released on Tuesday by the World Bank, North Macedonia shows disastrous results in the economy compared to all countries in the region.
Thus, for two consecutive years, N. Macedonia has the lowest rate of economic growth of all the countries of the WB, which in 2022 is 2.1%, while the average of the WB is 3.2%, and also recorded the highest rate of average inflation of 14.2% in 2022, while the average inflation in the Republic of Poland was 11.8%. Even more discouraging are the forecasts according to which in 2023 Macedonia is expected to have below-average growth of 2.4% compared to the region’s 2.6% and above-average inflation of 9.1%, compared to the region’s expected 7%.
Along with Kosovo and Albania, Macedonia has the lowest revenues as a percentage of GDP (of 32.5% of GDP in 2022), which, while maintaining high expenditures of 36.9% of GDP, generate the second highest deficit of 4.5% of GDP in 2022 after Montenegro (the WB average for is 3% of GDP). In addition, Macedonia had the highest deficit in 2021 and the second highest deficit in 2020 among the countries of the Western Balkans.