Page 72 - SE Outlook Regions 2024

4.6 Inflation & Monetary Policy - North Macedonia
The central bank foresees inflation decreasing significantly to an average range of 3.5% to 4% in 2024, further declining to approximately 2% thereafter.
Inflation is anticipated to follow a downward trajectory, eventually stabilising at the historical average of 2% in the medium term.
The authorities anticipate inflation for 2024 to fall within the range of 2% to 2.5%, accompanied by identical annual GDP growth.
North Macedonia's central bank decided to keep the key policy rate at 6.3% in November 2023, in response to a notable deceleration in annual inflation.
In November 2023, the central bank said that in general the circumstances surrounding the implementation of monetary policy remain uncertain, underscoring the importance of closely monitoring the variables and drivers of inflation, along with inflation expectations. This underscores the need for prudence in managing macroeconomic policies that influence overall demand in the economy.
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