IMF: Macedonia Set To Resume Growth In 2010

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The International Monetary Fund said in a report on Monday that the Macedonian economy is expected to return to growth in 2010 after contracting in 2009 and that any further monetary easing must be carefully considered so that the recovery is not endangered.

The IMF welcomed the prospect of a return to growth for the Macedonian economy, but pointed out that the large - albeit reduced - current account deficit in the context of an exchange rate peg was "a source of vulnerability".

The Washington based lender supported the recent cut in the policy rate but warned that further monetary easing should "await clear signals of lasting favorable trends in the balance of payments and international reserves".

The Macedonian economy is expected to expand 2% in 2010, following the anticipated 1.3% decline this year.

The International Monetary Fund said in a report on Monday that the Macedonian economy is expected to return to growth in 2010 after contracting in 2009 and that any further monetary easing must be carefully considered so that the recovery is not endangered. (Market News Provided by RTTNews)