We achieved serious results, Tevdovski says after public debt goes down from 48.8 to 48.7 percent of GDP

Finance Minister Dragan Tevdovski today announced that under his administration Macedonia has significantly reduced its public debt – from 48.8 percent of GDP down to 48.7 percent of GDP.

We achieved serious results. If the public debt levels grew from 23 to 48.8 percent of GDP from 2008 to 2016, by the end of 2017 it was down to 48.7 percent. We have absolutely achieved results, Tevdovski said while reviewing the spring report prepared by the World Bank.

The report finds Macedonia in the level of moderately indebted countries, but it warns that other, more indebted European economies have greater room to grow, which means that Macedonia must reduce its debt faster in order to keep up.