Former Yugoslav Republic of Macedonia: Recent Economic Developments

June 8, 1995

Summary

This paper reviews economic developments in the Former Yugoslav Republic of Macedonia during 1990–95. The financial stabilization in 1994 was a result of three key policy changes. The National Bank abolished its system of passively rediscounting selective commercial bank credits and the emphasis of monetary policy was switched to inflation control. A broad range of fiscal measures ensured a decline in the public sector deficit from 11 percentage points of gross social product in 1993 to 3 percentage points in 1994. There was a 50 percent drop in measured industrial production between 1990 and 1994.

Subject: Banking, Employment, Expenditure, Exports, Imports, International trade, Labor, Monetary base, Money, Pension spending

Keywords: central government, CR, Eastern Europe, Employment, enterprise sector, exchange rate, Exports, FYRM authorities, gross investment, Imports, ISCR, loss-making enterprise, Monetary base, monetary policy, Pension spending, personal income, rate of inflation, U.S. dollar, worker-managed firm

Pages:
103
Volume:
1995
DOI:
https://doi.org/10.5089/9781451825961.002
Issue:
050
Series:
Country Report No. 1995/050
Stock No:
1MKDEA0011995
ISBN:
9781451825961
ISSN:
1934-7685

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Notes

This report on recent economic developments in the Former Yugoslav Republic of Macedonia was prepared by a staff team of the International Monetary Fund as background documentation for the periodic consultation with this member country. In releasing this document for public use, confidential material may have been removed at the request of the member.

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