As a candidate country to full membership in the European Union, Macedonia has been reviewing and harmonizing its laws, bringing the Macedonian legal system to an equal level with the material and procedural laws of most developed countries in the world. After the introduction of CSR in 2002,...

The deep economic crisis which currently is "shaking" our neighbour Greece emerged as a new variable in the predictions and planning of the economic activity along with all the main economic variables in the Macedonian economy. In this study we are attempting to determine the potential effects...

Macedonia’s economic performance under the program has remained strong, reflecting the authorities’ commitment to build on the progress made and to advance the reform agenda. The average inflation rate was 2.3 percent, although it started to pick up recently owing to a relatively high...

Macedonia showed an economic recovery owing to its macroeconomic policies. Executive Directors appreciated the sound fiscal policies and efforts in bringing inflation under control and increasing international reserves. They stressed the need to reduce unemployment and keep the account deficit...

The paper analyzes the export performance and external competitiveness in FYR Macedonia. It describes the trends in the account balance, external vulnerabilities, and different approaches to estimate the equilibrium real exchange rate; and reviews economic growth experience and prospects and...

This 2009 Article IV Consultation highlights that the Former Yugoslav Republic of Macedonia’s vulnerability at the outset of the global crisis was its large current account deficit in the context of the exchange rate peg to the euro. At the same time, it benefited from a small fiscal deficit,...

This Selected Issues paper for the former Yugoslav Republic of Macedonia is examined. Real GDP growth accelerated to 5 percent in 2007 and 6 percent in the first half of 2008, from its historical average of about 3 percent. Increased investment, partly financed by FDI, is the main driver...