North Macedonia Climate - Public Finance Review
North Macedonia’s economy is expected to show moderate growth in the medium term, with public finances continuing to be stretched. Although the country anticipates positive medium-term economic prospects, economic headwinds like geopolitical tensions and conflicts, and energy supply and price uncertainties pose significant challenges. Increasing expenditures and slowing revenue growth has seen fiscal space tighten, with public debt reaching 62 percent of GDP, with further increases ahead. The progressive impact of a changing climate brings new challenges and makes the achievement of North Macedonia’s development goals much more difficult. This may complicate the country’s ability to achieve its climate goals while preserving fiscal sustainability given climate change presents additional strains on public finances. This report aims to highlight the links between climate and government finances - identifying the relevant risks and opportunities, while explaining how fiscal policy can help achieve climate objectives while also delivering economic, fiscal, and social outcomes.
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| Format: | Report biblioteca |
| Language: | English en_US |
| Published: |
Washington, DC: World Bank
2024-07-08
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| Subjects: | ENERGY ACCESS, ECONOMIC GROWTH DIAGNOSTICS, EXPENDITURE ALLOCATION IN PUBLIC FINANCE, FISCAL SUSTAINABILITY, AFFORDABLE AND CLEAN ENERGY, SDG 7, DECENT WORK AND ECONOMIC GROWTH, SDG 8, CLIMATE ACTION, SDG 13, |
| Online Access: | http://documents.worldbank.org/curated/en/099060724174031856/P17926410e12380611804e15fc4ec12793b https://hdl.handle.net/10986/41834 |
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| Summary: | North Macedonia’s economy is expected
to show moderate growth in the medium term, with public
finances continuing to be stretched. Although the country
anticipates positive medium-term economic prospects,
economic headwinds like geopolitical tensions and conflicts,
and energy supply and price uncertainties pose significant
challenges. Increasing expenditures and slowing revenue
growth has seen fiscal space tighten, with public debt
reaching 62 percent of GDP, with further increases ahead.
The progressive impact of a changing climate brings new
challenges and makes the achievement of North Macedonia’s
development goals much more difficult. This may complicate
the country’s ability to achieve its climate goals while
preserving fiscal sustainability given climate change
presents additional strains on public finances. This report
aims to highlight the links between climate and government
finances - identifying the relevant risks and opportunities,
while explaining how fiscal policy can help achieve climate
objectives while also delivering economic, fiscal, and
social outcomes. |
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