World Bank projects zero economic growth in Macedonia in 2012, 1% in 2013.

By bne IntelliNews December 19, 2012
The World Bank expects Macedonias economy to post a zero growth this year and expand by 1% in 2013, the bank said in a regular report covering the six Western Balkan countries - Albania, Bosnia and Herzegovina, Kosovo, Macedonia, Montenegro and Serbia. The World Banks forecast for 2012 is in line with a projection made by the International Monetary Fund (IMF) earlier this week but the fund is a bit more optimistic about Macedonias economic development in 2013 when it is expected to post a GDP growth of 2%. The World Bank expects the combined economies of the six countries in the Western Balkans to shrink by 0.6% in 2012 and expand by 1.6% in 2013 adding that the countries are highly vulnerable to potential problems in the Eurozones recovery and high commodity prices. "The Western Balkan countries are in a "double dip" recession with massive unemployment and major downside risks," the bank said, warning that in four out of the six countries unemployment is above 25% - Serbia and Bosnia have rates higher than 25%, Macedonia's jobless rate is about 31% and Kosovo leads the region, with 45.

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