{
  "title": "Former Yugoslav Republic of Macedonia: Selected Issues",
  "publication": "IMF Staff Country Reports, February 18, 2009",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/former-yugoslav-republic-of-macedonia-selected-issues-22717",
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  "summary": "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.",
  "sections": [
    {
      "heading": "Overview and macroeconomic context",
      "content": "- 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.\n- Increased investment, partly financed by FDI, is identified as the main driver boosting domestic demand.\n- Rapid growth in imports of investment and intermediate goods accompanies the investment surge.\n- The current account deficit has widened substantially since 2007 and is described as a major concern for macroeconomic stability."
    },
    {
      "heading": "Key findings",
      "content": "- Growth performance:\n  - Real GDP growth: 5 percent in 2007.\n  - Real GDP growth: 6 percent in the first half of 2008.\n  - Historical average real GDP growth: about 3 percent.\n- Demand composition:\n  - Increased investment is the principal contributor to higher domestic demand.\n  - FDI is an important financing source for the investment increase.\n  - Fast-growing imports of investment and intermediate goods reflect the investment-driven expansion.\n- External sector risks:\n  - Current account deficit widened substantially since 2007.\n  - The widened current account deficit is characterized as a major macroeconomic stability concern."
    },
    {
      "heading": "Analytical focus areas (as listed in the source)",
      "content": "- Commodities\n- Electricity\n- Expenditure\n- Foreign exchange\n- Potential output\n- Production\n- Public investment and public-private partnerships (PPP)\n- Public investment spending\n- Real exchange rates"
    },
    {
      "heading": "Policy implications and priorities (implied by findings)",
      "content": "- Monitor and manage external imbalances to address the substantially widened current account deficit.\n- Assess sustainability of investment-led growth given reliance on FDI and rising imports of investment and intermediate goods.\n- Strengthen macroeconomic stability frameworks to mitigate risks from rapid demand expansion and external financing needs.\n\nFormer Yugoslav Republic of Macedonia: Selected Issues (IMF Staff Country Reports, 2009/061).\n\n---\n\n Content in this bundle\n\n- Former Yugoslav Republic of Macedonia: Selected Issues; IMF Country Report 09/61; November 11, 2008\n  - Former Yugoslav Republic of Macedonia: Selected Issues; IMF Country Report 09/61; November 11, 2008 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Former Yugoslav Republic of Macedonia: Selected Issues; IMF Country Report 09/61; November 11, 2008 (PDF){rel=\"external\" type=\"application/pdf\"}"
    }
  ],
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    "[Markdown version](/en/publications/cr/issues/2016/12/31/former-yugoslav-republic-of-macedonia-selected-issues-22717/index.md)",
    "[Structured JSON version](/en/publications/cr/issues/2016/12/31/former-yugoslav-republic-of-macedonia-selected-issues-22717/index.json)",
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    "Published: February 18, 2009",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781451952711.002",
    "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 identified as the main driver boosting domestic demand.",
    "Rapid growth in imports of investment and intermediate goods accompanies the investment surge.",
    "The current account deficit has widened substantially since 2007 and is described as a major concern for macroeconomic stability.",
    "Growth performance:",
    "Demand composition:",
    "External sector risks:",
    "Monitor and manage external imbalances to address the substantially widened current account deficit.",
    "Assess sustainability of investment-led growth given reliance on FDI and rising imports of investment and intermediate goods.",
    "Strengthen macroeconomic stability frameworks to mitigate risks from rapid demand expansion and external financing needs.",
    "**Former Yugoslav Republic of Macedonia: Selected Issues; IMF Country Report 09/61; November 11, 2008**"
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