Skopje, 27 September 2023 (MIA) – The gross domestic product (GDP) of North Macedonia is projected to grow by 2 percent in 2023, and 3 percent in 2024, according to the European Bank for Reconstruction and Development’s (EBRD) forecast outlined in its latest report on the economies in the EBRD regions.

“GDP growth is likely to remain modest in 2023 at around 2 percent, before rising to 3 percent in 2024 as the expected global recovery firms up. Despite a further increase in minimum wages from April 2023, increases in pensions and price caps on some basic goods, household demand is set to remain subdued in 2023 as high levels of inflation erode real incomes. The slowdown in the main trading partners will affect exports, while increased uncertainty and tighter financing conditions may weigh on investor confidence,” says EBRD in its report on North Macedonia.

According to the EBRD’s report, the GDP of the Western Balkans is projected to grow by 2 percent in 2023 and reach 3.4 percent in 2024. 

In the region, Montenegro and Kosovo are projected to record the highest economic growth in 2023 with 3.5, followed by Albania and Croatia with 2.5 percent, Greece 2.4 percent, Serbia 1.8 percent, Bulgaria 1.6 percent, and Bosnia and Herzegovina with 1.5 percent.

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