Economic Impact of COVID-19 on North Macedonia and its Policy Response

ambarish — Tue, 09 Jun 2020 11:09:41 +0000

After declaring independence from Yugoslavia in 1991, North Macedonia’s economy and GDP have consistently grown till 2019. Per capita GDP has increased, and unemployment levels have come down to historical lows at 17.25% of total labor force in 2019. The economy of North Macedonia is expected to be adversely affected by COVID-19 pandemic in 2020. The real gross domestic product (GDP) of North Macedonia is expected to shrink, unemployment level to increase and current account balance to continue its negative growth due to COVID-19 this year. As of 09^th June 2020, North Macedonia had 3152 confirmed COVID-19 cases out of which 1653 people have recovered from the disease while 156 have lost their lives.

In this blog post we will be focusing on economic impact of COVID-19 pandemic on North Macedonia. We will also be taking a look at the containment, fiscal and monetary related policy measures taken by North Macedonia government under following sections –

Impact of COVID-19 on North Macedonia Economy in 2020
Coronavirus (COVID-19) Containment Measures of North Macedonia
Coronavirus (COVID-19) Related Fiscal Policy Measures by North Macedonia
Coronavirus (COVID-19) Related Monetary Policy Measures by North Macedonia

We have covered various macroeconomic factors and PESTLE (political, economic, social, technological, legal, and environmental), SWOT (Strengths, Weaknesses, Opportunities and Threats) and risk analysis for North Macedonia in separate 91��Ƭ�� reports.

1. Impact of COVID-19 on North Macedonia Economy in 2020

North Macedonia’s real gross domestic product (GDP) was MKD 464.137 billion in 2019 and due to COVID-19 outbreak it is estimated to shrink by 4.00% to be around MKD 445.572 billion in 2020.

North Macedonia’s unemployment rate was 17.25% of total labor force in 2019. Due to slowdown in global economic activity due to COVID-19 pandemic the unemployment is expected to increase by 15.39% and reach 20.387% in 2020.

North Macedonia’s current account balance which has been constantly decreasing since 2017. It is...

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