North Macedonia Overview - North Macedonia gained its independence peacefully from Yugoslavia in 1991 under the name of "Macedonia." Greek objection to the new country’s name, insisting it implied territorial pretensions to the northern Greek province of Macedonia, and democratic backsliding for several years stalled the country’s movement toward Euro-Atlantic integration |
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Background - Since its independence in 1991, Macedonia has made progress in liberalizing its economy and improving its business environment. Its low tax rates and free economic zones have helped to attract foreign investment, which is still low relative to the rest of Europe. Corruption and weak rule of law remain significant problems. Some businesses complain of opaque regulations and unequal enforcement of the law.
Macedonia’s economy is closely linked to Europe as a customer for exports and source of investment, and has suffered as a result of prolonged weakness in the euro zone. Unemployment has remained consistently high at about 23% but may be overstated based on the existence of an extensive gray market, estimated to be between 20% and 45% of GDP, which is not captured by official statistics.
Source: CIA Fact Book
Macedonia’s economy is closely linked to Europe as a customer for exports and source of investment, and has suffered as a result of prolonged weakness in the euro zone. Unemployment has remained consistently high at about 23% but may be overstated based on the existence of an extensive gray market, estimated to be between 20% and 45% of GDP, which is not captured by official statistics.
Source: CIA Fact Book
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STRENGTHS
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WEAKNESSES
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Characteristics |
Value |
Terrain |
mountainous with deep basins and valleys; three large lakes, each divided by a frontier line; country bisected by the Vardar River Note - landlocked; major transportation corridor from Western and Central Europe to Aegean Sea and Southern Europe to Western Europe |
Percent of English Spoken |
English is not listed as a top language but several sources say it is popular with young people |
Population |
2,130,936 (2022 est.) |
Target Cities |
Skopje (Capitol) |
Main Industries |
food processing, beverages, textiles, chemicals, iron, steel, cement, energy, pharmaceuticals, automotive parts |
GDP Growth |
3.96% (2022 est.) |
Government |
parliamentary republic |
Relevant Trends |
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Urbanization |
59.1% of total population (2022) |
Internet Connectivity |
81% (2020 est.) |
Credit Rating |
BB+ (Ftich) |
VAT Tax |
18% |
Terrorism Threat |
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Travel Advisory |
Level 1 |
Corruption Index Rank |
107 (2017) |
Disposable Income Per Capita of OECD Countries |
Value |
Coface Risk Assessment |
C |
Member of NATO |
Yes |
