Macedonia to exit recession in Q1 2010.

By bne IntelliNews February 9, 2010
Macedonia's economy will exit recession in the first quarter of 2010 after two consecutive quarters of positive industrial production growth in Q3 and Q4 2009, finance minister Zoran Stavreski told the media. Stavreski forecast that if the economic development keeps this pace, the country might reach GDP growth of 2% this year. Stavreski dismissed allegations from the opposition parties that the country has increased its foreign debt, saying that during a period of crisis, all countries ask for financial support and added that the county has paid back a significant portion of its debts before the crisis. Regarding loan interests, the minister pointed out that now is a good time to boost lending and asked commercial banks to cut the interest rates. He pointed out that the central bank decreased the base interest and that the parliament adopted legislative amendment, reducing the penal interests for retail and corporate customers.

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