Republic of North Macedonia: 2025 Article IV Consultation-Press Release; and Staff Reportsitecoreitem

As the economy recovers from the energy crisis, growth is gaining momentum, but inflation is rising again. A weak European outlook is dampening exports and private investment. Meanwhile, buffers are being eroded as public debt continues to rise with increases in wages and pensions. Emigration poses a significant challenge to the medium-term economic outlook, while slow progress on structural reforms continues to hinder convergence with EU income levels.

Subject: Budget planning and preparation, Expenditure, Financial sector policy and analysis, Financial sector stability, Inflation, Labor, Pension spending, Pensions, Prices, Public debt, Public financial management (PFM)

Keywords: Budget planning and preparation, Financial sector stability, Inflation, Pension spending, Pensions, Structural reforms