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Macedonia Central Bank Forecasts Recession
Skopje | 01 May 2009 | Sinisa-Jakov Marusic
Macedonia's Governor Petar Gosev
Macedonia’s central bank on Thursday revised down its growth predictions for this year, forecasting a mild contraction of 0.4 per cent, down from its earlier 4.4 per cent growth forecast, citing among other factors, a significant decline in domestic demand in the second quarter of the year.
In doing so, the bank is joining the ranks of other organisations expecting a decline in growth, as falling export demand hits the country's key metal and construction industries.
The first to sound the alarms was the International Monetary Fund, which issued a downbeat outlook for the whole region, forecasting a two per cent contraction for this year in Macedonia.
Following this, the government also lowered its expectations expressed at the start of the year from 5.5 per cent growth to one per cent. It has also announced a set of measures designed to aid the metal and construction industries, but has cut the budget by nine per cent in anticipation of lower tax receipts.
Following this, the government also lowered its expectations expressed at the start of the year from 5.5 per cent growth to one per cent. It has also announced a set of measures designed to aid the metal and construction industries, but has cut the budget by nine per cent in anticipation of lower tax receipts.
