VLEN: IMF and World Bank raise forecasts, economy expected to grow

VLEN says the country’s economy is making progress, citing new forecasts from the International Monetary Fund and the World Bank, two leading international financial institutions.

According to VLEN, both institutions have revised their expectations for economic growth this year upwards. The IMF has raised its forecast from 3.1 to 3.5 percent, while the World Bank has raised its projection from 2.9 to 3.2 percent.

VLEN says these assessments indicate that the economy is expected to perform better than previously forecast. According to VLEN, this provides an additional incentive for its work in the economic sector, for which it has assumed responsibility in government. The World Bank, meanwhile, lists infrastructure investment among the main drivers of economic growth. VLEN stresses that the country is currently experiencing an expansion of its infrastructure.

According to VLEN, the Skopje–Blace motorway, a project awaited for decades, is now on course for completion. VLEN says it will see the process through, underlining the importance of the connection with Kosovo for citizens, trade and domestic companies.

Corridor 8, which VLEN considers a strategic project, includes the Tetovo–Gostivar, Gostivar–Bukojčani and Kičevo–Ohrid sections. The foundation stone for the Bukojčani–Kičevo section was also laid on October 12.

This motorway project is seen as the missing link connecting Polog with Kičevo and Ohrid, along the corridor linking the country with Albania and the Adriatic ports.

According to VLEN, these investments should be assessed as a whole, as they improve connections with the region and create new opportunities for the economy. For businesses, any time saved in transport translates into lower costs, easier supply and access to new markets. This, VLEN says, enables companies to increase production and create new jobs.

For this reason, completing these road links remains one of the government’s top priorities, VLEN says. It adds that, alongside investment, everyday costs also matter to citizens, and says there has been a noticeable change in this area. In May 2024, under the previous government, inflation stood at 4.5 percent, while in September this year, with VLEN in government, it was 2.7 percent. “The difference is like night and day,” VLEN says.

VLEN also states that the country ranks among those in the region with the lowest fuel prices. According to VLEN, petrol and diesel are cheaper than in Croatia, Slovenia, Serbia, Montenegro, Bosnia and Herzegovina, Albania and Greece.

“95-octane petrol in our country costs 98.5 denars per litre, while the average price in these countries is around 115 denars. The difference is approximately 16 denars per litre, reducing costs for citizens, farmers and businesses,” VLEN says. /Telegrafi/