Former Yugoslav Republic of Macedonia: Recent Economic Developments
IMF Staff Country Reports, July 10, 2000
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- Former Yugoslav Republic of Macedonia: Recent Economic Developments
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Bibliographic details
- Published: July 10, 2000
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451825992.002
Economic impact of the Kosovo crisis
- The economy "suffered a setback owing to the Kosovo crisis."
- "The impact of the crisis, however, was less severe."
- Key macro outcomes following the crisis:
- "Inflation remained low."
- "The balance-of-payments position and the fiscal situation improved."
- "Indicators of external vulnerability remained satisfactory."
Monetary policy and the National Bank of Macedonia
- "The National Bank of Macedonia faced contrasting challenges in the conduct of monetary policy."
- Monetary authorities confronted tradeoffs implied by the external shock and domestic stability objectives (as described in the source).
Structural reforms and tax policy
- "The pace of structural reforms picked up and a value-added tax was introduced."
- Structural reform acceleration coexisted with institutional weaknesses that constrained recovery.
Financial system weaknesses and recovery constraints
- "Structural weaknesses in the financial system have prevented a more vigorous economic recovery."
- The financial sector's condition limited the transmission of reforms and macro stabilization into stronger growth and credit expansion.
Source: Former Yugoslav Republic of Macedonia: Recent Economic Developments, July 10, 2000.