An International Monetary Fund (IMF) mission to Macedonia has revised its 2009 GDP projections for the country from an initial -2.5 per cent to -1 and 1.5 per cent.
 
"There are good chances for gradual growth revival and I expect output to contract by 1 to 1.5 per cent this year, which is a more favourable outcome than previously expected, the head of the IMF mission to Macedonia, Wes McGrew said after completing IMF's annual visit to the country, according to the Macedonian government website.
 
McGrew said that Macedonia's economic condition had improved and the risks of instability had decreased.
 
"It's obvious that the global crisis affected Macedonia, but it has weathered the crisis better than other countries in the region," McGrew was quoted as having said at an October 27 2009 joint news conference with chiefs of Macedonian financial institutions.
 
For 2010 the mission expects economic growth to recover further and to reach two per cent, and the IMF views the government’s deficit targets of 2.8 per cent of GDP in 2009 and 2.5 per cent of GDP in 2010 as appropriate in the light of current conditions.
 
Macedonian finance minister Zoran Stavreski said that he was satisfied with the successful IMF talks as well as with the shared projections on economic growth, stabilisation of the economy and expectations for further recovery.
 
"The 2009 fiscal policy will remain at the envisaged deficit target of 2.8 per cent and it will contribute to maintaining macroeconomic stability and providing moderate support to economic growth, first and foremost through the higher amount of expenditures of capital projects in infrastructure," Stavreski said, according to the statement.
 
Asked about chances for a new IMF arrangement to be signed, Stavreski said that the mission's positive assessments could have positive results, the statement said.