North Macedonia’s economy projected to contract by 3.4 percent this year


North Macedonia’s economy is projected to shrink by 3.4 percent in 2020, with the worst effects due to coronavirus outbreak expected in the second quarter of the year, Minister of Finance Nina Angelovska said on Monday.

The preventive measures taken against the spread of coronavirus will impact transport, tourism, art, leisure, recreation sectors, as well as industry and construction sectors, the minister told a press conference.

“In the first four months of 2020, budget revenues dropped by 4.9 percent year-on-year. Tax revenues decreased by 9.1 percent,” said Angelovska.

“The inflation rate projection for 2020 has been amended and now stands at 0.2 percent,” she said.

Seven new coronavirus cases were reported by health authorities on Monday, raising the number of confirmed cases to 1,518, with 992 recoveries and 85 fatalities. Enditem

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