We expect continuation of the positive trends for the Macedonian economy, with a projected growth of approximately 3.7 percent for 2014, said National Bank of the Republic of Macedonia (NBRM) Governor Dimitar Bogov on Wednesday.
Bogov delivered a lecture dedicated to the challenges of the country’s monetary policy and factors affecting its economy before students and professors at the Tetovo-based University of Southeast Europe.
“There are numerous factors affecting our projections, such as international trends and movements. Regarding inflation, we assessed it would amount to 2.3 percent. A new round of projections will begin in April in order to determine if these numbers are to be revised”, said Bogov.
According to him, the possible risks for a small and open economy, such as the Macedonian, were international developments, especially the Ukraine crisis and Russia’s relations with western allies.
“Developments in that region have resulted in a slight rise of corn and wheat prices, but if there is escalation of the situation and trade embargoes between Russia and the West, oil prices could also rise. This will have an effect on the EU growth projections, which will reflect in our exports that are primarily destined in the EU”, added Bogov.
MIA