Former Yugoslav Republic of Macedonia: Staff Report for the 2011 Article IV Consultation

International Monetary Fund

No 2012/133, IMF Staff Country Reports from International Monetary Fund

Abstract: This 2011 Article IV Consultation highlights that Macedonia is poised to achieve low but positive growth under the baseline scenario of a shallow recession in the euro area. Under a downside scenario, growth would be weaker, and external financing pressures could arise. In the near term, the government would need to reduce expenditure growth to meet the 2012 deficit target. A key longer-term challenge would be to reconcile the competing objectives of higher public investment and increases in pensions and public wages while preserving low public debt and low taxes.

Keywords: ISCR; CR; NBRM authority; authority; government; FYR Macedonia; deficit target; headline inflation; FDI inflow; nominal exchange rate; EU integration process of the Republic of Macedonia; Macedonian banking system; Government debt management; Budget planning and preparation; Current account deficits; Global; Europe; Eastern Europe; Western Europe; Southern Europe (search for similar items in EconPapers)
Pages: 57
Date: 2012-06-08
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