{
  "title": "Former Yugoslav Republic of Macedonia: Selected Issues",
  "publication": "IMF Staff Country Reports, November 21, 2016",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/former-yugoslav-republic-of-macedonia-selected-issues-44409",
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  "summary": "This Selected Issues paper quantifies the short- and medium-term growth effects of major ongoing highway and railway projects in the Former Yugoslav Republic of Macedonia.",
  "sections": [
    {
      "heading": "Overview",
      "content": "- Quantifies the short- and medium-term growth effects of major ongoing highway and railway projects in the Former Yugoslav Republic of Macedonia.\n- Focuses on four ongoing highway and railway investments undertaken in 2014–18."
    },
    {
      "heading": "Methodology",
      "content": "- Uses a standard neoclassical growth model augmented with public capital.\n- The augmented model is designed to capture both demand and supply-side effects of public infrastructure investments."
    },
    {
      "heading": "Key findings and projections",
      "content": "- The four ongoing highway and railway investments of 2–3 percent of GDP annually for 2014–18 are likely to raise the growth rate of real GDP by 0.5 percentage points on average for each year in 2014–20.\n- Enhancing public investment efficiency can increase growth effects up to 0.8 percentage points."
    },
    {
      "heading": "Policy implications and recommendations",
      "content": "- Maintain and prioritize the planned highway and railway investments to secure the projected growth boosts.\n- Improve public investment efficiency to amplify growth impacts from 0.5 percentage points up to 0.8 percentage points.\n\nInternational Monetary Fund. \"Former Yugoslav Republic of Macedonia: Selected Issues\", IMF Staff Country Reports, November 21, 2016.\n\n---\n\n Content in this bundle\n\n- Former Yugoslav Republic of Macedonia: Selected Issues; IMF Country Report 16/357; October 24, 2016\n  - Former Yugoslav Republic of Macedonia: Selected Issues; IMF Country Report 16/357; October 24, 2016 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Former Yugoslav Republic of Macedonia: Selected Issues; IMF Country Report 16/357; October 24, 2016 (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-44409/index.md)",
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    "Published: November 21, 2016",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781475554861.002",
    "Quantifies the short- and medium-term growth effects of major ongoing highway and railway projects in the Former Yugoslav Republic of Macedonia.",
    "Focuses on four ongoing highway and railway investments undertaken in 2014–18.",
    "Uses a standard neoclassical growth model augmented with public capital.",
    "The augmented model is designed to capture both demand and supply-side effects of public infrastructure investments.",
    "The four ongoing highway and railway investments of 2–3 percent of GDP annually for 2014–18 are likely to raise the growth rate of real GDP by 0.5 percentage points on average for each year in 2014–20.",
    "Enhancing public investment efficiency can increase growth effects up to 0.8 percentage points.",
    "Maintain and prioritize the planned highway and railway investments to secure the projected growth boosts.",
    "Improve public investment efficiency to amplify growth impacts from 0.5 percentage points up to 0.8 percentage points.",
    "**Former Yugoslav Republic of Macedonia: Selected Issues; IMF Country Report 16/357; October 24, 2016**"
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