Country risk rating


MEDIUM RISK for enterprise

  • Economic risk

  • Business environment risk

  • Political risk

  • Commercial risk

  • Financing risk

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GDP USD12.67bn (World ranking 133, World Bank 2018)
Population 2.08mn (World ranking 146, World Bank 2018)
Form of state Parliamentory Democracy
Head of government Zoran Zaev (Prime Minister)
Next elections 2020, legislative
  • Fairly good relations with the EU, including much improved relations with neighboring Greece after the agreement on the country’s new name “North Macedonia”
  • Solid monetary policy, track record of low inflation
  • Relatively prudent fiscal policy
  • Pro-business stance of the government to attract foreign investment, including low tax rates, easy processes to start a business and get credit
  • Underlying ethnic tensions
  • Slow economic reform progress, often due to weak majorities in parliament
  • High external debt burden, including arrears
  • Moderate level of foreign exchange reserves, insufficient to cover all external debt payments due within one year
  • Very high unemployment
  • Weak rule of law and significant level of perceived corruption
  • Underdeveloped road and rail infrastructure


Euler Hermes

Economic Research Team