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Former Yugoslav Republic of Macedonia: Recent Economic Developments

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  • International Monetary Fund

Abstract

This paper reviews economic developments in the Former Yugoslav Republic of Macedonia during 1990–95. The financial stabilization in 1994 was a result of three key policy changes. The National Bank abolished its system of passively rediscounting selective commercial bank credits and the emphasis of monetary policy was switched to inflation control. A broad range of fiscal measures ensured a decline in the public sector deficit from 11 percentage points of gross social product in 1993 to 3 percentage points in 1994. There was a 50 percent drop in measured industrial production between 1990 and 1994.

Suggested Citation

  • International Monetary Fund, 1995. "Former Yugoslav Republic of Macedonia: Recent Economic Developments," IMF Staff Country Reports 1995/050, International Monetary Fund.
    • Handle: RePEc:imf:imfscr:1995/050
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