The World Bank is projecting a 2.7 percent Gross Domestic Product (GDP) growth for the Macedonian economy in 2022, followed by 3.1 percent in 2023.

The World Bank, in its June report on the global economic outlook, downgraded the previous economic projections for the country, this year by 1.0 percent, and in 2023 by 0.3 percent.

Economic growth in 2024, according to World Bank’s projections, will reach 3.2 percent.

The projection for global growth in 2022, on the other hand, has been downgraded by almost a third, to 2.9 percent. The main reasons for this are the war in Ukraine and the damage caused by the Covid-19 pandemic, which have contributed to many countries now facing recession.

The war in Ukraine has slowed the global economy, which is now entering a period of weak growth and rising inflation, with the possibility of further deterioration.