North Macedonia overview

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In North Macedonia we focus on:

  • Supporting Competitiveness by Enhancing Value Chains, Upskilling the Workforce, and Strengthening Governance;
  • Strengthening Regional Integration, Soft Connectivity and Support EU Approximation;
  • Supporting Green Economy Transition through a More Sustainable Energy Mix and Greater Resource Efficiency.

The EBRD's latest strategy for North Macedonia was adopted on 22 May 2019

North Macedonia's policy response to the coronavirus crisis

The EBRD is monitoring North Macedonia's policy response to the coronavirus pandemic. Our biweekly publication identifies the major channels of disruption as well as selected impact and response indicators.

Learn more

Current EBRD forecast for real GDP growth in North Macedonia in 2020: -3.5%
Current EBRD forecast for real GDP growth in North Macedonia in 2021: 5.5%

Growth in North Macedonia accelerated to 3.6 per cent in 2019, from 2.7 per cent in 2018, driven by domestic demand, primarily the recovery of investment. The resolution of the name issue with Greece helped to strengthen investor confidence, as reflected in the June 2019 upgrade of the country’s sovereign rating to BB+ by Fitch, a rating agency.
Amid low inflation (averaging 0.8 per cent in 2019), the central bank lowered the policy rate by 0.25 percentage points in January 2020, to 2.0 per cent, and followed up with another 25 basis point cut in March 2020, with the view to mitigate the adverse effect of the coronavirus containment measures on the domestic economy.
Vulnerabilities to the epidemic in North Macedonia are moderate and, under the assumption of social distancing receding, GDP is projected to fall by 3.5 per cent in 2020, rebounding by 5.5 per cent in 2021.
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