FYR Macedonia Public Expenditure Review : Fiscal Policy for Growth

FYR Macedonia is a small, open economy with solid economic growth. It reached independence in 1991. Though it was the first among the six countries in South East Europe (SEE6) 7 to gain EU candidate status in 2005, it has not been able to start neg...

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Bibliographic Details
Main Author:	World Bank Group
Format:	Report
Language:	English en_US
Published:	World Bank, Washington, DC 2016
Subjects:	WASTE MEDIUM TERM FISCAL STRATEGY MONETARY POLICY DEFICIT RISKS PERFORMANCE INDEX ECONOMIC GROWTH ACCOUNTING PEOPLE PUBLIC PROCUREMENT STROKE FINANCIAL MANAGEMENT FISCAL DEFICITS PHARMACISTS ANTENATAL CARE PREVENTION LAWS PUBLIC SECTOR GOVERNMENT SPENDING GOVERNMENT REVENUES SERVICES FINANCIAL MANAGEMENT INFORMATION HEALTH INSURANCE PUBLIC SERVICES HEALTH CARE REVENUES DEATH RATE CERVICAL CANCER FISCAL POLICY EDUCATION EXPENDITURES HEALTH DEFICIT LEVEL HIGH BLOOD PRESSURE HYPERTENSION BENEFICIARIES INFLATION PUBLIC FINANCIAL MANAGEMENT PUBLIC HEALTH LIFE EXPECTANCY POVERTY REDUCTION BUDGET KNOWLEDGE HEALTH SECTOR PUBLIC SECTOR ACCOUNTING MACROECONOMIC STABILITY FISCAL RULES ADMINISTRATIVE CLASSIFICATION IRON FEASIBILITY STUDIES IMMUNIZATION ROAD NETWORK PATIENTS PATIENT SMOKING SECONDARY SCHOOLS CORPORATE INCOME TAXES PERSONAL INCOME GOVERNMENT FINANCE STATISTICS SOCIAL SECURITY FUNDS TAX EXEMPTIONS AGING CHILD DEVELOPMENT BUDGET EXECUTION SOCIAL INSURANCE NURSES MIGRATION DEBT DRUG CONSUMPTION PENSION REFORM EXTERNAL BALANCE STRUCTURAL REFORMS SOCIAL SECURITY SOCIAL PROTECTION FISCAL TARGETS DOMESTIC DEBT BUDGET DOCUMENTATION SCREENING PUBLIC EXPENDITURE REVIEW AUDIT OFFICE GROSS DOMESTIC PRODUCT PROGRAM EXPENDITURE MORTALITY FOREIGN CURRENCY GENERAL PRACTICE CENTRAL GOVERNMENT EXPENDITURE EDUCATION SPENDING TAXES FISCAL DEFICIT HEALTH SPENDING PRIMARY SCHOOLS EXPENDITURE INFRASTRUCTURE INVESTMENT EFFICIENCY OF PUBLIC SPENDING UNEMPLOYMENT INCOME TAXES FISCAL PERFORMANCE ACCOUNTABILITY CENTRAL GOVERNMENT DEBT WORKERS TAX RATE BASELINE SCENARIO SURGERY APPROPRIATIONS AGED TRANSPARENCY SOCIAL SERVICES PATIENT SATISFACTION FISCAL FRAMEWORK PUBLIC EXPENDITURE FINANCIAL CRISIS GOVERNMENT FINANCE SOCIAL POLICY HEALTH OUTCOMES CENTRAL GOVERNMENT GOVERNMENT EXPENDITURE HYGIENE FINANCIAL AFFAIRS PUBLIC SECTOR EFFICIENCY PUBLIC EXPENDITURES PRICE STABILITY BUDGET STRUCTURE STRESS EXPENDITURES CASH MANAGEMENT FISCAL YEAR PRIVATE SECTOR MEASUREMENT SICK LEAVE QUALITY CONTROL ELDERLY PEOPLE QUALITY OF LIFE PUBLIC DEBT PRIMARY HEALTH CARE HEALTH INSURANCE FUND RISK FACTORS REFORM AGENDA CAPITAL SPENDING FISCAL SUSTAINABILITY GOVERNMENT DEBT WEIGHT COMMUNICABLE DISEASES BUDGET LAW PUBLIC MANAGEMENT FINANCIAL CONTROL BUDGET COMPREHENSIVENESS CARDIOVASCULAR DISEASES CHILDREN GROWTH RATE CLINICS FINANCIAL MANAGEMENT INFORMATION SYSTEMS NATIONAL BANK MINISTRY OF FINANCE PUBLIC ENTERPRISE HEALTH EXPENDITURE PUBLIC ADMINISTRATION ALLOCATION GENERAL PRACTITIONERS MEDIUM-TERM FISCAL FRAMEWORK UNCERTAINTY FINANCIAL ACCOUNTABILITY FISCAL TRANSPARENCY LIVING CONDITIONS FISCAL STRATEGY PERSONAL INCOME TAXES PUBLIC SECTOR DEBT CAPITAL EXPENDITURES STRATEGY STATE AUDIT OFFICE REFORM PROGRAM MACROECONOMIC POLICIES EXCHANGE RATE REGISTRATION FAMILIES MEDICINES PUBLIC SPENDING CAPITAL INVESTMENT HOSPITALS PUBLIC EMPLOYEES FOOD PROCESSING OUTCOMES HEALTH SERVICES IMPLEMENTATION SIZE OF GOVERNMENT DEBT DYNAMICS PUBLIC REVENUE
Online Access:	http://documents.worldbank.org/curated/en/2015/11/25492850/fyr-macedonia-public-expenditure-review-fiscal-policy-growth http://hdl.handle.net/10986/23808

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Summary:	FYR Macedonia is a small, open economy with solid economic growth. It reached independence in 1991. Though it was the first among the six countries in South East Europe (SEE6) 7 to gain EU candidate status in 2005, it has not been able to start negotiations for EU accession, partly because of its name dispute with Greece. Yet, EU accession is the main anchor of its reform agenda and all major political parties and over 80 percent of the people support EU membership. Landlocked, with a population of 2.1 million, the country GDP per capita is USD 5371. FYR Macedonia has enjoyed macroeconomic and financial stability during the last decade. Growth has been solid with an annual real GDP per capita growth in PPP terms of 3.7 percent between 2006 and 2014. This was the second highest growth rate among the countries of South East Europe and far above the EU28 average of 1.4 percent during this period, enabling FYR Macedonia to increase its per capita income relative to the EU28 from 30.7 percent in 2006 to 36.6 percent in 2014. Contrary to other SEE6 countries, unemployment in FYR Macedonia has declined since the 2009, yet gains in poverty reduction seem to have been moderate. Fiscal stimulus was largely driven by revenue-reducing measures and public investment. Between 2006 and 2013, general government spending averaged about 34.5 percent of GDP, which is significantly below the SEE6 and the Europe and Central Asia (ECA) average. At the same time, general government revenues declined steeply from 33.8 percent of GDP in 2007 to 27.8 percent in 2014, one of the lowest in the ECA region as the government reduced its rates on the corporate income tax and personal income tax as well as social security contributions. Also, debt financed investments of SOEs increased. As a consequence, public debt increased, undoing the gains of previous fiscal consolidation but enabling FYR Macedonia to sustain growth in times of a difficult external environment.

FYR Macedonia Public Expenditure Review : Fiscal Policy for Growth

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