The World Bank said it expects North Macedonia’s economy to expand by 3.6% in 2021, less than the 3.9% growth rate it forecast in June.
In 2020, North Macedonia’s economy is estimated to fall by 5.1%, more than the 2.1% contraction predicted in June, the World Bank said in its January 2021 Global Economic Prospects report published on Tuesday as quoted by SeeNews.
The World Bank forecasts 3.5% growth of North Macedonia’s economy in 2022.
For countries in the Western Balkans region, the World Bank estimates economic growth of 5.1% for Albania, 2.8% for Bosnia and Herzegovina, 5.4% for Croatia, 3.7% for Kosovo, 6.1% for Montenegro and 3.1% for Serbia.
Growth in the Western Balkans is expected to rebound to 3.5% in 2021, as consumer and business confidence are restored and political instability is eased, the World Bank noted.
The fall in the economic output of the Western Balkans region is estimated at 4.5% in 2020.