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Macedonia administers good macroeconomic policy: WB official

13. October 2011. | 09:27

Source: MIA

The World Bank is satisfied from the development of Macedonian economy following the 2009 global recession, projecting a 3-4 percent GDP growth, says Jane Armitage, World Bank Regional Coordinator for Southeast Europe.

The World Bank is satisfied from the development of Macedonian economy following the 2009 global recession, projecting a 3-4 percent GDP growth, says Jane Armitage, World Bank Regional Coordinator for Southeast Europe.

Armitage stresses in an interview with Voice of America in Macedonian Language the country's low indebtedness in the public sector as a factor for sound macroeconomic policy.

"Macedonia has a much lower indebtedness in the public sector, ranging between 25 and 26 percent. There are countries with 45, event 60 percent indebtedness in the region. Macedonia is more resistant to new crises due to the long-standing sound macroeconomic policy. Its fiscal deficit of about 2.5 percent is significantly lower compared to neighboring countries. This is a very good position in a time when the situation can become more difficult", assesses Armitage.

She recommends continuation of such macroeconomic policy, increased competitiveness through enhancement of labor skills, education reforms, improvement of business climate and more investments in infrastructure.

"It is not enough to have cheap workforce. Macedonia should not be competitive because it has cheap workforce. This means lower living standard. Highly-trained staff is required, which will be competitive and enable export", says Armitage.

The World Bank official adds that the Greek crisis could have serious effects on Macedonia, Albania and other Balkan states.

"Greece is an important trading partner for Macedonia. If growth drops there, this is bad news for Macedonian export. Maybe it will be complemented with export in other countries, but most of it goes through the Thessaloniki port, which could not operate because of strikes and protests. If general uncertainty in Greece expands in neighboring countries, this will have a reflection on their economic growth, including Macedonia", says Armitage.

However, the World Bank is not concerned for the main Greek banks in Macedonia for now, since they show proper liquidity and capital.


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