{
  "title": "Former Yugoslav Republic of Macedonia: Recent Economic Developments",
  "publication": "IMF Staff Country Reports, September 23, 1998",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/30/former-yugoslav-republic-of-macedonia-recent-economic-developments-2732",
  "canonical": "https://www.imf.org/en/publications/cr/issues/2016/12/30/former-yugoslav-republic-of-macedonia-recent-economic-developments-2732",
  "overlayPath": "/en/publications/cr/issues/2016/12/30/former-yugoslav-republic-of-macedonia-recent-economic-developments-2732/index.md",
  "summary": "This paper reviews economic developments in the Former Yugoslav Republic of Macedonia during 1994–98. In 1994–95, the authorities reasserted control over monetary policy, stabilized the exchange rate, and undertook a substantial fiscal adjustment.",
  "sections": [
    {
      "heading": "Overview",
      "content": "- This paper reviews economic developments in the Former Yugoslav Republic of Macedonia during 1994–98.\n- Format detail: Pages: 126; Volume: 1998; Issue: 082; Series: Country Report No. 1998/082; Stock No: 1MKDEA0011998; DOI: https://doi.org/10.5089/9781451825985.002; ISBN: 9781451825985; ISSN: 1934-7685."
    },
    {
      "heading": "Macroeconomic stabilization and fiscal policy (1994–96)",
      "content": "- In 1994–95, the authorities reasserted control over monetary policy.\n- The exchange rate was stabilized in 1994–95.\n- A substantial fiscal adjustment was undertaken in 1994–95.\n- As a result, price stability was restored by 1996.\n- The decline in output was arrested by 1996."
    },
    {
      "heading": "Banking sector and enterprise reforms (1995 onward)",
      "content": "- Programs for recapitalizing banks began in 1995.\n- Programs to accelerate the process of enterprise adjustment and privatization began in 1995."
    },
    {
      "heading": "Output developments and industry (1996–98)",
      "content": "- In 1996, the economy started to pick up.\n- A surge in industrial output occurred in late 1996, partly reflecting the restarting of the oil refinery.\n- The surge in industrial output in late 1996 could not be maintained."
    },
    {
      "heading": "Subject areas and keywords covered",
      "content": "- Subject: Banking, Commercial banks, Credit, Employment, Expenditure, Financial institutions, Foreign exchange, Labor, Social security contributions, Wages\n- Keywords: commercial bank, Commercial banks, CR, deutsche mark, Eastern Europe, economic system, Employment, exchange rate, foreign currency, giro account, gross domestic product, interest rate, ISCR, Wages\n\nInternational Monetary Fund. \"Former Yugoslav Republic of Macedonia: Recent Economic Developments\", IMF Staff Country Reports 1998, 082 (1998).\n\n---\n\n Content in this bundle\n\n- Former Yugoslav Republc of Macedonia: Recent Economic Developments - ISCR/98/82\n  - Former Yugoslav Republc of Macedonia: Recent Economic Developments - ISCR/98/82 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Former Yugoslav Republc of Macedonia: Recent Economic Developments - ISCR/98/82 (PDF){rel=\"external\" type=\"application/pdf\"}"
    }
  ],
  "bullets": [
    "[Markdown version](/en/publications/cr/issues/2016/12/30/former-yugoslav-republic-of-macedonia-recent-economic-developments-2732/index.md)",
    "[Structured JSON version](/en/publications/cr/issues/2016/12/30/former-yugoslav-republic-of-macedonia-recent-economic-developments-2732/index.json)",
    "[Bundle manifest](/en/publications/cr/issues/2016/12/30/former-yugoslav-republic-of-macedonia-recent-economic-developments-2732/bundle-manifest.json)",
    "Published: September 23, 1998",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781451825985.002",
    "This paper reviews economic developments in the Former Yugoslav Republic of Macedonia during 1994–98.",
    "Format detail: Pages: 126; Volume: 1998; Issue: 082; Series: Country Report No. 1998/082; Stock No: 1MKDEA0011998; DOI: https://doi.org/10.5089/9781451825985.002; ISBN: 9781451825985; ISSN: 1934-7685.",
    "In 1994–95, the authorities reasserted control over monetary policy.",
    "The exchange rate was stabilized in 1994–95.",
    "A substantial fiscal adjustment was undertaken in 1994–95.",
    "As a result, price stability was restored by 1996.",
    "The decline in output was arrested by 1996.",
    "Programs for recapitalizing banks began in 1995.",
    "Programs to accelerate the process of enterprise adjustment and privatization began in 1995.",
    "In 1996, the economy started to pick up.",
    "A surge in industrial output occurred in late 1996, partly reflecting the restarting of the oil refinery.",
    "The surge in industrial output in late 1996 could not be maintained.",
    "Subject: Banking, Commercial banks, Credit, Employment, Expenditure, Financial institutions, Foreign exchange, Labor, Social security contributions, Wages",
    "Keywords: commercial bank, Commercial banks, CR, deutsche mark, Eastern Europe, economic system, Employment, exchange rate, foreign currency, giro account, gross domestic product, interest rate, ISCR, Wages",
    "**Former Yugoslav Republc of Macedonia: Recent Economic Developments - ISCR/98/82**"
  ],
  "related": [
    {
      "title": "Former Yugoslav Republc of Macedonia: Recent Economic Developments - ISCR/98/82",
      "role": "document",
      "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/1998/_cr9882.pdf",
      "summary": {
        "path": "/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/1998/_cr9882.pdf.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/1998/_cr9882.pdf",
        "mime": "application/pdf"
      }
    }
  ],
  "alternates": {
    "markdown": "/en/publications/cr/issues/2016/12/30/former-yugoslav-republic-of-macedonia-recent-economic-developments-2732/index.md",
    "json": "/en/publications/cr/issues/2016/12/30/former-yugoslav-republic-of-macedonia-recent-economic-developments-2732/index.json",
    "bundleManifest": "/en/publications/cr/issues/2016/12/30/former-yugoslav-republic-of-macedonia-recent-economic-developments-2732/bundle-manifest.json"
  },
  "generatedAtUtc": "2026-09-13T15:21:08.02Z"
}