Macedonia Will Fall into Recession This Year: IMF

Macedonia is now expected to fall into recession according to latest IMF forecasts. The Macedonian governments latest forecast was for 1% growth, but the IMF now forecasts the country will be at least 2% into negative territory for this year.

However the most worrying thing is the budget deficit, which is now forecast to hit over 14% of the country's GDP making it one of the worst in Central and Eastern Europe.

It will take Macedonia a long time to bring such a deficit back under control, thus denting any aspirations it may be harbouring about getting on track for EU membership. At the moment though, this will be the least of their worries.

The more countries in Central and Eastern Europe expected to fall into recession this year, the more light is shone on those countries expected to avoid it, like Romania and Albania.