World Bank report, Global Economics Prospects, North Macedonia 3.6% Real GDP growth rate in 2021, and 3.5% in 2022

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The Global Economic Prospects (GEP) is the World Bank’s semi-annual flagship publication on the state of the world economy. The global economy is expected to expand 4% in 2021, assuming an initial COVID-19 vaccine rollout becomes widespread throughout the year, the World Bank says in its January 2021 Global Economic Prospects.

Growth in the Western Balkans is expected to rebound to 3.5 percent in 2021, assuming that consumer and business confidence are restored as COVID-19 is brought under control and that political instability eases.

Analytical sections of the latest Global Economic Prospects report examine how the pandemic has amplified risks around debt accumulation; how it could hold back growth over the long term absent concerted reform efforts; and what risks are associated with the use of asset purchase programs as a monetary policy tool in emerging market and developing economies.

While the global economy appears to have entered a subdued recovery, policymakers face formidable challenges—in public health, debt management, budget policies, central banking and structural reforms—as they try to ensure that this still fragile global recovery gains traction and sets a foundation for robust growth,” said World Bank Group President David Malpass. “To overcome the impacts of the pandemic and counter the investment headwind, there needs to be a major push to improve business environments, increase labor and product market flexibility, and strengthen transparency and governance.”

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