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The Former Yugoslav Republic of Macedonia (FYR Macedonia) continues to meet the conditions specified in Article 1 of the Agreement Establishing the Bank.
FYR Macedonia has made steady progress in transition over two decades, but still faces significant challenges across sectors. Given that the country is small and landlocked, the key challenge is to increase FYR Macedonia’s level of integration into regional and global markets. The Bank is well positioned to assist in this process both by supporting the development of key transport corridors, allied to strong and intensified cooperation with key partners such as the European Union and the European Investment Bank, and by promoting private sector development and cross-border trade and investment, building on the numerous business-friendly reforms introduced by the authorities over recent years.
The economy was less affected by the global economic and financial crisis than many regional peers. However, the impact of the Eurozone crisis was felt quite strongly in 2012.
Growth has been negatively affected by weaker demand for exports, especially from the Eurozone (the main export market), lower FDI and subdued domestic demand. Nevertheless, the government and the central bank have successfully maintained macroeconomic stability in the past few years. External imbalances have remained relatively low, which is important in the context of the currency peg to the euro, and international reserves remain at relatively comfortable levels, covering about four months of imports.
The short-term economic outlook for FYR Macedonia, as for other countries in the region, is highly uncertain given the current global turmoil and doubts about recovery prospects for the Eurozone.
Overall growth in 2012 was negligible but is expected to pick up to around 2 per cent in 2013. Beyond that, annual growth rates could reach 3-4 per cent, provided global conditions improve significantly and the country’s authorities continue to pursue structural reforms. However, the downside risks are significant.
Last updated 30 May 2013